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Li Auto delivered a modestly robust Q2, beating top line estimates, but seeing revenue pressure due to falling volumes. LI improved its vehicle margin to 9.4% in Q2, and is therefore still trailing the EV competition. Nonetheless, Li Auto's financial and operating performance could be improving if new product launches, such as refreshed L-Series models and the new Li MEGA, become a success.

BEIJING, Sept. 01, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China's new energy vehicle market, today announced that it delivered 37,679 vehicles in August 2026. As of August 31, 2026, Li Auto's cumulative deliveries reached 1,801,834.

The Nasdaq-listed automaker reported a second consecutive quarter of losses, even as it tried to spur demand by launching new models.

Lumentum Just Delivered the AI Growth Investors WantedLi Auto NASDAQ: LI reported a second-quarter net loss as revenue and vehicle margins declined from a year earlier, while management outlined plans for new battery-electric vehicle launches, continued investment in proprietary technology and expansion into overseas markets.

Total revenue for the second quarter was RMB25.7 billion, down 15.1% from a year earlier but up 11.7% sequentially. Vehicle sales revenue was RMB24.1 billion, falling 15.7% year over year and rising 11.8% from the first quarter. Chief Financial Officer Johnny Tie Li said the annual decline reflected lower vehicle deliveries and a lower average selling price resulting from product mix, while the sequential improvement was driven by higher deliveries and a more favorable mix.

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AI Cold War Catches Light: Federal Friction in the Server RackThe company recorded a net loss of RMB1.7 billion, compared with net income of RMB1.1 billion in the prior-year period and a RMB2.3 billion loss in the first quarter. Loss from operations was RMB2.3 billion, compared with operating income of RMB827 million a year earlier. Diluted net loss per ADS was RMB1.69, versus earnings of RMB1.03 per ADS in the second quarter of 2025.

Margins Recover Sequentially but Remain Below Prior Year Li Auto’s vehicle margin was 9.4%, down from 19.4% a year earlier but up from 6.1% in the first quarter. Overall gross margin was 11%, compared with 20.1% a year earlier and 7.9% in the preceding quarter. Gross profit totaled RMB2.8 billion, down 53.3% year over year and up 56.9% sequentially.

3 Photonics Companies Making Quantum Tech PossiblePresident Ma Donghui said cyclical increases in costs for raw materials and components, including chips, printed circuit boards, memory products and batteries, had created temporary pressure on the company and the broader industry. He said Li Auto had reduced some exposure through advance volume commitments and long-term procurement agreements.

Chairman and CEO Xiang Li said the company does not plan to pass higher costs directly to customers. Instead, it intends to pursue cost control, integrated vehicle design, supply-chain management and broader deployment of internally developed technologies. He said that, over the long term, Li Auto views a gross margin of 15% to 20% as healthy, with raw-material costs serving as a major determinant.

Research and development expense was RMB2.8 billion, down 1.2% from a year earlier, while selling, general and administrative expense was RMB2.3 billion, down 16.2% year over year. The company ended the quarter with RMB87.5 billion in cash. Operating cash flow was positive RMB15 million, while free cash flow was negative RMB1.3 billion.

Li said the company has repurchased 91.7 million Class A ordinary shares, including 23.7 million ADSs, for approximately $631.5 million.

New Models and Charging Network Expansion Management said Li Auto completed a refresh of its L Series range-extended lineup, incorporating the company’s Mach M100 chip, 5C range-extender technology and drive-by-wire chassis features. Ma said the Li L9 version accounted for more than 85% of sales of the model since its launch, while the refreshed L6 had been well received. He said the company hopes the L6 can sustain demand of approximately 10,000 units per month.

The company is scheduled to launch the new-generation Li MEGA on Sept. 2 and the all-new flagship battery-electric Li L9 in mid-September. Management said the L9 will be positioned as a flagship six-seat SUV for large families and will include an 800-volt, 5C charging platform, internally developed electric motors, Mach M100 driver-assistance chips and Qualcomm cabin chips.

Li said battery-electric models and extended-range electric vehicles each represented roughly 50% of total sales, and the company expects the battery-electric share to increase as additional models launch. He said Li Auto aims to maintain a top-three position among all brands in China’s passenger-vehicle market above RMB200,000 as new products ramp during the second half.

As of the end of July, Li Auto operated 4,141 charging stations and more than 22,800 charging stalls. Ma said the network covered 18 national-level highways and more than 300 cities.

Technology Roadmap and International Plans Li Auto said it had shipped more than 50,000 Mach M100 chips since beginning deliveries of its full-stack advanced driver-assistance solution in May. The company’s OTA 9.1 update, released in late July, improved Mach VLA performance by 20%, according to management, while urban driver-assistance mileage penetration nearly doubled versus the prior computing platform.

Chief Technology Officer Yan Xie said the company plans further software updates during the second half, including a 3D vision transformer architecture and expanded perception and decision-making capabilities. Li Auto also plans to deploy Mach VLA 2.0 for NVIDIA Orin and Thor platforms in early September.

Internationally, Ma said the company launched the all-new Li L9 in Kazakhstan and Uzbekistan in July and plans to begin sales in Dubai in September. Li Auto has also formed a partnership with Kazakhstan-based automotive group Allur for local vehicle assembly. In Europe, the company plans to introduce the Li L6 at the Paris Motor Show in October and begin European sales in the fourth quarter. It also expects to launch the Li MEGA in Hong Kong and Singapore by year-end.

For the third quarter, Li Auto forecast deliveries of 95,000 to 100,000 vehicles and total revenue of RMB26.6 billion to RMB28 billion. The company expects to maintain stable quarterly operating cash flow from the third quarter, though Li said full-year positive operating and free cash flow will depend largely on fourth-quarter deliveries.

About Li Auto (NASDAQ:LI)Li Auto Inc is a Chinese automotive company that develops, manufactures and sells smart electric vehicles, with an early focus on range-extended electric SUVs designed for family use. The company is headquartered in China and serves the domestic market through a combination of online channels and a network of retail/showroom locations. Li Auto was founded to address range-anxiety in electric vehicle buyers by integrating a small internal-combustion engine as a range extender alongside a large battery, enabling longer driving range while retaining electric driving characteristics.

The company's product lineup centers on multi‑occupant SUVs that combine electric propulsion, advanced in‑vehicle connectivity and driver‑assistance features.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Li Auto Inc. (LI) Q2 2026 Earnings Call August 26, 2026 8:00 AM EDT

Company Participants

Janet Chang - Director of Investor Relations
Xiang Li - Founder, Executive Chairman & CEO
Tie Li - CFO & Executive Director
Yan Xie - Senior VP & CTO

Conference Call Participants

Tim Hsiao - Morgan Stanley, Research Division
Paul Gong - UBS Investment Bank, Research Division
Wenzuo Qiao - Citic Securities Co., Ltd., Research Division
Jing Chang - China International Capital Corporation Limited, Research Division
Ming-Hsun Lee - BofA Securities, Research Division

Presentation

Operator

Hello, ladies and gentlemen. Thank you for standing by for Li Auto's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded. I will now turn the call over to your host, Ms. Janet Chang, Investor Relations Director of Li Auto. Please go ahead, Janet.

Janet Chang
Director of Investor Relations

Thank you, operator. Good evening, and good morning, everyone. Welcome to Li Auto's Second Quarter 2026 Earnings Conference Call. The company's financial and operating results were published in a press release earlier today and were posted on the company's IR website. On today's call, we will have our Chairman and CEO, Mr. Xiang Li; and our CFO, Mr. Johnny Tie Li, to begin with prepared remarks. Our President, Mr. Donghui Ma; and CTO, Mr. Yan Xie, will join for the Q&A discussion.

Before we continue, please be reminded that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in certain company filings with the SEC and the Stock Exchange of Hong Kong Limited. The company does not assume any obligation to update any

Bearish flow noted in Li Auto with 2,991 puts trading, or 1.7x expected. Most active are Sep-26 13 puts and 8/28 weekly 11.5 puts, with total volume in those strikes near 2,200 contracts. The Put/Call Ratio is 1.73, while ATM IV is up over 1 point on the day. Earnings are expected on August 26th.

In the latest trading session, Li Auto Inc. Sponsored ADR (LI - Free Report) closed at $12.27, marking a -1.6% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 0.65%. Elsewhere, the Dow gained 0.13%, while the tech-heavy Nasdaq added 0.81%.

Shares of the company witnessed a loss of 2.04% over the previous month, beating the performance of the Auto-Tires-Trucks sector with its loss of 11.34%, and underperforming the S&P 500's gain of 2.38%.

The investment community will be paying close attention to the earnings performance of Li Auto Inc. Sponsored ADR in its upcoming release. The company is slated to reveal its earnings on August 26, 2026. The company is forecasted to report an EPS of -$0.01, showcasing a 107.14% downward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $3.7 billion, down 12.45% from the prior-year quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.13 per share and revenue of $18.42 billion, indicating changes of -186.67% and +16.92%, respectively, compared to the previous year.

Investors might also notice recent changes to analyst estimates for Li Auto Inc Sponsored ADR. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 74.42% fall in the Zacks Consensus EPS estimate. Currently, Li Auto Inc. Sponsored ADR is carrying a Zacks Rank of #4 (Sell).

The Automotive - Foreign industry is part of the Auto-Tires-Trucks sector. This industry, currently bearing a Zacks Industry Rank of 175, finds itself in the bottom 29% echelons of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Li Auto Inc. Sponsored ADR (LI - Free Report) closed at $12.96 in the latest trading session, marking a +2.09% move from the prior day. The stock's change was more than the S&P 500's daily gain of 0.62%. Meanwhile, the Dow gained 0.28%, and the Nasdaq, a tech-heavy index, added 1.3%.

The stock of company has risen by 6.55% in the past month, leading the Auto-Tires-Trucks sector's loss of 14.93% and the S&P 500's gain of 2.3%.

The upcoming earnings release of Li Auto Inc. Sponsored ADR will be of great interest to investors. In that report, analysts expect Li Auto Inc. Sponsored ADR to post earnings of -$0.01 per share. This would mark a year-over-year decline of 107.14%. Our most recent consensus estimate is calling for quarterly revenue of $3.7 billion, down 12.45% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.13 per share and a revenue of $18.42 billion, signifying shifts of -186.67% and +16.92%, respectively, from the last year.

Investors should also pay attention to any latest changes in analyst estimates for Li Auto Inc Sponsored ADR. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 74.42% fall in the Zacks Consensus EPS estimate. Li Auto Inc. Sponsored ADR is currently sporting a Zacks Rank of #4 (Sell).

The Automotive - Foreign industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 178, putting it in the bottom 28% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow LI in the coming trading sessions, be sure to utilize Zacks.com.

Li Auto Inc. Sponsored ADR (LI - Free Report) ended the recent trading session at $13.49, demonstrating a -2.25% change from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily gain of 1.66%. At the same time, the Dow added 1.19%, and the tech-heavy Nasdaq gained 2.78%.

Prior to today's trading, shares of the company had gained 12.84% outpaced the Auto-Tires-Trucks sector's loss of 14.5% and the S&P 500's loss of 1.49%.

The upcoming earnings release of Li Auto Inc. Sponsored ADR will be of great interest to investors. On that day, Li Auto Inc. Sponsored ADR is projected to report earnings of -$0.01 per share, which would represent a year-over-year decline of 107.14%. Simultaneously, our latest consensus estimate expects the revenue to be $3.73 billion, showing a 11.77% drop compared to the year-ago quarter.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.08 per share and revenue of $18.69 billion. These totals would mark changes of -153.33% and +18.63%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Li Auto Inc Sponsored ADR. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 17.07% decrease. Li Auto Inc. Sponsored ADR currently has a Zacks Rank of #4 (Sell).

The Automotive - Foreign industry is part of the Auto-Tires-Trucks sector. Currently, this industry holds a Zacks Industry Rank of 208, positioning it in the bottom 16% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow LI in the coming trading sessions, be sure to utilize Zacks.com.

July 16, 2026 09:10 ET  | Source: Li Auto Inc.

BEIJING, China, July 16, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today officially launched the new Li L6, a versatile all-wheel drive SUV. The vehicle is priced at RMB249,800 for its standard configuration. Deliveries of the new Li L6 will commence within a week. For more details on the new Li L6, please visit Li Auto’s official website.

About Li Auto Inc.

Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World. Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. It offers high-tech flagship family MPVs, Li L series extended-range electric SUVs, and Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: [email protected]

Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: [email protected]

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LI faces headwinds from domestic competition and nascent global sales in H2'26, with FY2025/FY2026 likely to be trough years before potentially recovering from FY2027 onwards. This is worsened by the aggressive discounting and the consequently impacted top/bottom lines, albeit with the ongoing cash burn mitigated by the rich balance sheet. LI's refreshed L series at higher ASPs already report robust order books, with it offering a promising potential for H2'26 recovery, pending further capacity ramp-up.

June 23, 2026 18:00 ET  | Source: Li Auto Inc.

BEIJING, June 23, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today officially launched the all-new Li L8, with deliveries to commence within this week. The vehicle is available in Ultra and Livis trims, priced at RMB369,800 and RMB429,800, respectively. For more details on the all-new Li L8, please visit Li Auto’s official website.

About Li Auto Inc.

Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World. Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. It offers high-tech flagship family MPVs, Li L series extended-range electric SUVs, and Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: [email protected]

Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: [email protected]

Li Auto Inc. Sponsored ADR (LI - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this company have returned 0%, compared to the Zacks S&P 500 composite's +8.8% change. During this period, the Zacks Automotive - Foreign industry, which Li Auto falls in, has lost 10.8%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Li Auto is expected to post break-even earnings per share for the current quarter, representing a year-over-year change of -100%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

For the current fiscal year, the consensus earnings estimate of $0.12 points to a change of -20% from the prior year. Over the last 30 days, this estimate has changed -11%.

For the next fiscal year, the consensus earnings estimate of $0.89 indicates a change of +641.9% from what Li Auto is expected to report a year ago. Over the past month, the estimate has remained unchanged.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for Li Auto.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Li Auto, the consensus sales estimate for the current quarter of $3.14 billion indicates a year-over-year change of -12%. For the current and next fiscal years, $18.35 billion and $22.2 billion estimates indicate +16.5% and +21% changes, respectively.

Last Reported Results and Surprise HistoryLi Auto reported revenues of $4.11 billion in the last reported quarter, representing a year-over-year change of -32.2%. EPS of $0 for the same period compares with $0.52 a year ago.

Compared to the Zacks Consensus Estimate of $4.28 billion, the reported revenues represent a surprise of -3.78%. The EPS surprise was -100%.

Over the last four quarters, Li Auto surpassed consensus EPS estimates times. The company topped consensus revenue estimates just once over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Li Auto is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Li Auto. However, its Zacks Rank #4 does suggest that it may underperform the broader market in the near term.

May 15, 2026 05:00 ET  | Source: Li Auto Inc.

BEIJING, China, May 15, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today officially launched the all-new Li L9 with deliveries to commence on May 17, 2026. The vehicle is available in Ultra and Livis trims, priced at RMB459,800 and RMB509,800, respectively. For more details on the all-new Li L9, please visit Li Auto’s official website.

About Li Auto Inc.

Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World. Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and two Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: [email protected]

Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: [email protected]

Deep Fundamental Value Amid Market SelloffWhile short, medium, and long-term price trends remain heavily pressured, value score expansion comes after a punishing year for the EV manufacturer, with shares tumbling 42.73% over the past 12 months.

Benzinga Edge Stock Rankings' composite value metric—which evaluates a stock’s relative worth by comparing market price to underlying assets, earnings, and operating performance—indicates that the stock has become severely underpriced.

Wall Street powerhouse Morgan Stanley is maintaining an Overweight rating and a $26.00 price target—representing a staggering 60.69% upside from its recent closing price of $16.18.

Product Catalysts And $1 Billion Safety NetFurthermore, downside risks are also insulated by Li Auto’s balance sheet, which boasts over RMB100 billion in cash reserves and a newly authorized $1 billion share buyback program funded entirely via cash flow.

High-Stakes Earnings AheadAll eyes now turn to May 28, when Li Auto is scheduled to report its next financial update. As analysts have tempered expectations to an estimated $3.14 billion in revenue, the discounted valuation provides a risk-reward setup for long-term investors tracking the Chinese EV player.

LI Stock Tumbles In 2026LI shares have fallen by 6.31% on a year-to-date basis, and it is down by 8.33% year-to-date. Meanwhile, the Nasdaq Composite index was up 13.06% YTD.

Over the last month and the year, LI has declined by 13.52% and 42.73%, respectively. It has traded in a 52-week range of $15.64 to $32.03, and it was lower by 1.24% in premarket on Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Li Auto Inc. Sponsored ADR (LI - Free Report) ended the recent trading session at $15.89, demonstrating a -1.91% change from the preceding day's closing price. This change lagged the S&P 500's daily gain of 0.37%. Meanwhile, the Dow gained 0.59%, and the Nasdaq, a tech-heavy index, added 0.19%.

The company's shares have seen a decrease of 13.14% over the last month, not keeping up with the Auto-Tires-Trucks sector's gain of 4.11% and the S&P 500's gain of 5.51%.

The investment community will be closely monitoring the performance of Li Auto Inc. Sponsored ADR in its forthcoming earnings report. The company is scheduled to release its earnings on May 28, 2026. The company is expected to report EPS of $0, down 100% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.14 billion, down 12.02% from the year-ago period.

For the full year, the Zacks Consensus Estimates project earnings of $0.12 per share and a revenue of $18.42 billion, demonstrating changes of -20% and +16.91%, respectively, from the preceding year.

Investors should also pay attention to any latest changes in analyst estimates for Li Auto Inc Sponsored ADR. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 10.98% lower. Li Auto Inc. Sponsored ADR is currently sporting a Zacks Rank of #4 (Sell).

Looking at valuation, Li Auto Inc. Sponsored ADR is presently trading at a Forward P/E ratio of 133.15. For comparison, its industry has an average Forward P/E of 10.59, which means Li Auto Inc. Sponsored ADR is trading at a premium to the group.

The Automotive - Foreign industry is part of the Auto-Tires-Trucks sector. At present, this industry carries a Zacks Industry Rank of 204, placing it within the bottom 17% of over 250 industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Quarterly total revenues reached RMB23.0 billion (US$3.3 billion)1
Quarterly deliveries were 95,142 vehicles

BEIJING, China, May 28, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended March 31, 2026.

Operating Highlights for the First Quarter of 2026

Total deliveries for the first quarter of 2026 were 95,142 vehicles, representing a 2.5% year-over-year increase.
 2026 Q12025 Q42025 Q32025 Q2Deliveries95,142109,19493,211111,074      2025 Q12024 Q42024 Q32024 Q2Deliveries92,864158,696152,831108,581      As of March 31, 2026, in China, the Company had 517 retail stores in 160 cities, 552 servicing centers and Li Auto-authorized servicing shops operating in 223 cities, and 4,057 super charging stations in operation equipped with 22,439 charging stalls.
Financial Highlights for the First Quarter of 2026

Vehicle sales were RMB21.5 billion (US$3.1 billion) in the first quarter of 2026, representing a decrease of 12.7% from RMB24.7 billion in the first quarter of 2025 and a decrease of 21.0% from RMB27.3 billion in the fourth quarter of 2025.Vehicle margin2 was 6.1% in the first quarter of 2026, compared with 19.8% in the first quarter of 2025 and 16.8% in the fourth quarter of 2025.Total revenues were RMB23.0 billion (US$3.3 billion) in the first quarter of 2026, representing a decrease of 11.4% from RMB25.9 billion in the first quarter of 2025 and a decrease of 20.1% from RMB28.8 billion in the fourth quarter of 2025.Gross profit was RMB1.8 billion (US$262.1 million) in the first quarter of 2026, representing a decrease of 66.0% from RMB5.3 billion in the first quarter of 2025 and a decrease of 64.8% from RMB5.1 billion in the fourth quarter of 2025.Gross margin was 7.9% in the first quarter of 2026, compared with 20.5% in the first quarter of 2025 and 17.8% in the fourth quarter of 2025.Operating expenses were RMB4.8 billion (US$696.8 million) in the first quarter of 2026, representing a decrease of 4.8% from RMB5.0 billion in the first quarter of 2025 and a decrease of 13.8% from RMB5.6 billion in the fourth quarter of 2025.     Loss from operations was RMB3.0 billion (US$434.7 million) in the first quarter of 2026, compared with RMB271.7 million income from operations in the first quarter of 2025 and RMB442.6 million loss from operations in the fourth quarter of 2025.Operating margin was negative 13.0% in the first quarter of 2026, compared with 1.0% in the first quarter of 2025 and negative 1.5% in the fourth quarter of 2025.Net loss was RMB2.3 billion (US$330.0 million) in the first quarter of 2026, compared with net income of RMB646.6 million in the first quarter of 2025 and RMB20.2 million in the fourth quarter of 2025. Non-GAAP net loss3 was RMB2.1 billion (US$305.6 million) in the first quarter of 2026, compared with non-GAAP net income of RMB1.0 billion in the first quarter of 2025 and RMB274.4 million in the fourth quarter of 2025.Diluted net loss per ADS4 attributable to ordinary shareholders was RMB2.26 (US$0.33) in the first quarter of 2026, compared with diluted net earnings per ADS attributable to ordinary shareholders of RMB0.62 in the first quarter of 2025 and RMB0.01 in the fourth quarter of 2025. Non-GAAP diluted net loss per ADS attributable to ordinary shareholders was RMB2.09 (US$0.30) in the first quarter of 2026, compared with non-GAAP diluted net earnings per ADS attributable to ordinary shareholders of RMB0.96 in the first quarter of 2025 and RMB0.25 in the fourth quarter of 2025.Net cash used in operating activities was RMB6.1 billion (US$883.0 million) in the first quarter of 2026, compared with RMB1.7 billion net cash used in operating activities in the first quarter of 2025 and RMB3.5 billion net cash provided by operating activities in the fourth quarter of 2025.Free cash flow5 was negative RMB7.4 billion (US$1.1 billion) in the first quarter of 2026, compared with negative RMB2.5 billion in the first quarter of 2025 and RMB2.5 billion in the fourth quarter of 2025.
     Key Financial Results(in millions, except for percentages and per ADS data)

      For the Three Months Ended % Change6
 March 31,
2025 December 31,
2025 March 31,
2026 YoY QoQ RMB RMB RMB    Vehicle sales24,678.6 27,252.3 21,533.2 (12.7)% (21.0)%Vehicle margin19.8% 16.8% 6.1% (13.7)pts (10.7)pts          Total revenues25,926.8 28,775.4 22,982.9 (11.4)% (20.1)%Gross profit5,318.5 5,130.6 1,808.0 (66.0)% (64.8)%Gross margin20.5% 17.8% 7.9% (12.6)pts (9.9)pts          Operating expenses(5,046.8) (5,573.2) (4,806.8) (4.8)% (13.8)%Income/(Loss) from operations271.7 (442.6) (2,998.8) N/A 577.6%Operating margin1.0% (1.5)% (13.0)% (14.0)pts (11.5)pts          Net income/(loss)646.6 20.2 (2,276.0) N/A N/ANon-GAAP net income/(loss)1,014.3 274.4 (2,108.0) N/A N/A          Diluted net earnings/(loss) per ADS attributable to ordinary shareholders0.62 0.01 (2.26) 
N/A N/ANon-GAAP diluted net earnings/(loss) per ADS attributable to ordinary shareholders0.96 0.25 (2.09) N/A

 N/A

          Net cash (used in)/provided by operating activities(1,701.0) 3,521.4 (6,091.0) 258.1% N/AFree cash flow (non-GAAP)(2,530.6) 2,467.6 (7,388.3) 192.0% N/A           Recent Developments

Delivery Update

In April 2026, the Company delivered 34,085 vehicles. As of April 30, 2026, in China, the Company had 511 retail stores in 160 cities, 550 servicing centers and Li Auto-authorized servicing shops operating in 223 cities, and 4,077 super charging stations in operation equipped with 22,509 charging stalls.
All-New Li L9  

In May 2026, the Company launched and commenced deliveries of its all-new Li L9. This model is available in two trims: Ultra and Livis. The Li L9 Ultra comes standard with steer‑by‑wire, rear‑wheel steering, and Li Auto’s third‑generation dual‑chamber, dual‑valve Magic Carpet Air Suspension. Its autonomous driving system is powered by a proprietary MAHE M100 chip, and the smart cockpit is powered by a Qualcomm Snapdragon 8797 Max chip. The Li L9 Livis features a proprietary 800V active suspension system and a fully drive‑by‑wire chassis. Its autonomous driving system is equipped with dual proprietary MAHE M100 chips and four LiDAR sensors, and the smart cockpit is powered by a Qualcomm Snapdragon 8797 Elite chip. Both trims come standard with a 72.7 kWh 5C battery and feature Li Auto’s third-generation range extender, as well as the MindVLA large model and 3D ViT Encoder. The Li L9 Ultra and Li L9 Livis are priced at RMB459,800 and RMB509,800, respectively.
US$1.0 Billion Share Repurchase Program

Pursuant to its US$1.0 billion share repurchase program announced on March 24, 2026, the Company has repurchased a total of approximately 16.4 million Class A ordinary shares (including approximately 6.7 million ADSs) for an aggregate consideration of approximately US$139.7 million as of May 26, 2026. Put Right Offer for Convertible Senior Notes due 2028

On April 30, 2026, the Company announced completion of the put right offer relating to its 0.25% Convertible Senior Notes due 2028 (CUSIP No. 50202M AB8) (the “Notes”). US$716,800,000 aggregate principal amount of the Notes (the “Repurchase Price”) was validly surrendered and not withdrawn prior to the expiration of the put right offer. The Company has forwarded cash in payment of the Repurchase Price to the paying agent for distribution to the holders who had validly exercised their put right. Following settlement of the repurchase, US$145,700,000 aggregate principal amount of the Notes remains outstanding and continues to be subject to the existing terms of the indenture and the Notes.
ESG

On April 10, 2026, the Company published its 2025 Environmental, Social and Governance (ESG) Report and its first Climate-Related Disclosures Report (https://ir.lixiang.com/esg), showcasing its strategic initiatives, measurable achievements, and ongoing dedication to sustainable development.
CEO and CFO Comments

Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, “Our organizational and supply chain optimizations delivered concrete results in the first quarter, enabling us to reclaim the top spot among domestic automotive brands in China’s RMB200,000 and above NEV market. Meanwhile, the all-new Li L9, launched in mid-May, demonstrates the strength of our flagship products with its all-around technological leadership and product excellence, reinforcing our confidence in establishing a benchmark position in the flagship SUV market. The successful integrated deployment of our in-house MAHE M100 chip and MindVLA large model into the vehicle represents an industry-leading technological breakthrough, laying the foundation for efficient technology iterations in the future. We look forward to launching the all-new Li L8 at the end of June to meet broader market demand. As we advance our AI initiatives and strengthen our core competencies, we remain committed to transforming everyday life for more users through cutting-edge products and premium services.”

Mr. Tie Li, chief financial officer of Li Auto, added, “Our first-quarter gross margin reflected our user-centric measures related to Li i6 deliveries, as well as raw material price fluctuations and our model refresh cycle. As delivery rebounds drive economies of scale and our updated product portfolio gains traction, we expect a gradual improvement in profitability. While executing the US$1 billion share repurchase program with confidence in our long-term growth prospects, we continue to benefit from a solid cash position that provides ongoing flexibility for strategic investments. With substantial runway ahead, we remain confident in our ability to create lasting value for all stakeholders.”

Financial Results for the First Quarter of 2026

Revenues

Total revenues were RMB23.0 billion (US$3.3 billion) in the first quarter of 2026, representing a decrease of 11.4% from RMB25.9 billion in the first quarter of 2025 and a decrease of 20.1% from RMB28.8 billion in the fourth quarter of 2025.Vehicle sales were RMB21.5 billion (US$3.1 billion) in the first quarter of 2026, representing a decrease of 12.7% from RMB24.7 billion in the first quarter of 2025 and a decrease of 21.0% from RMB27.3 billion in the fourth quarter of 2025. The decrease in revenue from vehicle sales over the first quarter of 2025 was primarily attributable to the lower average selling price due to different product mix. The decrease in revenue from vehicle sales over the fourth quarter of 2025 was primarily attributable to the decrease in vehicle deliveries due to seasonal factors related to the Chinese New Year holiday and a lower average selling price due to different product mix.Other sales and services were RMB1.4 billion (US$210.2 million) in the first quarter of 2026, representing an increase of 16.1% from RMB1.2 billion in the first quarter of 2025 and a decrease of 4.8% from RMB1.5 billion in the fourth quarter of 2025. The increase in revenue from other sales and services over the first quarter of 2025 was mainly due to increased provision of services and sales of accessories, which was in line with higher accumulated vehicle sales. The revenue from other sales and services remained relatively stable over the fourth quarter of 2025.
Cost of Sales and Gross Margin

Cost of sales was RMB21.2 billion (US$3.1 billion) in the first quarter of 2026, representing an increase of 2.7% from RMB20.6 billion in the first quarter of 2025 and a decrease of 10.4% from RMB23.6 billion in the fourth quarter of 2025. The cost of sales remained relatively stable over the first quarter of 2025. The decrease in cost of sales over the fourth quarter of 2025 was primarily attributable to the decrease in vehicle deliveries.Gross profit was RMB1.8 billion (US$262.1 million) in the first quarter of 2026, representing a decrease of 66.0% from RMB5.3 billion in the first quarter of 2025 and a decrease of 64.8% from RMB5.1 billion in the fourth quarter of 2025.Vehicle margin was 6.1% in the first quarter of 2026, compared with 19.8% in the first quarter of 2025 and 16.8% in the fourth quarter of 2025. The decrease in vehicle margin over the first quarter of 2025 and the fourth quarter of 2025 was mainly attributable to different product mix.Gross margin was 7.9% in the first quarter of 2026, compared with 20.5% in the first quarter of 2025 and 17.8% in the fourth quarter of 2025. The decrease in gross margin over the first quarter of 2025 and the fourth quarter of 2025 was mainly due to the decrease in vehicle margin.
Operating Expenses

Operating expenses were RMB4.8 billion (US$696.8 million) in the first quarter of 2026, representing a decrease of 4.8% from RMB5.0 billion in the first quarter of 2025 and a decrease of 13.8% from RMB5.6 billion in the fourth quarter of 2025.Research and development expenses were RMB2.7 billion (US$394.6 million) in the first quarter of 2026, representing an increase of 8.3% from RMB2.5 billion in the first quarter of 2025 and a decrease of 9.8% from RMB3.0 billion in the fourth quarter of 2025. Research and development expenses remained relatively stable over the first quarter of 2025 and the fourth quarter of 2025.Selling, general and administrative expenses were RMB2.0 billion (US$297.1 million) in the first quarter of 2026, representing a decrease of 19.0% from RMB2.5 billion in the first quarter of 2025 and a decrease of 22.6% from RMB2.6 billion in the fourth quarter of 2025. The decrease in selling, general and administrative expenses over the first quarter of 2025 and the fourth quarter of 2025 was primarily due to decreased employee compensation and reduced expenses related to marketing and promotional activities.
Income/(Loss) from Operations

Loss from operations was RMB3.0 billion (US$434.7 million) in the first quarter of 2026, compared with RMB271.7 million income from operations in the first quarter of 2025 and RMB442.6 million loss from operations in the fourth quarter of 2025. Operating margin was negative 13.0% in the first quarter of 2026, compared with 1.0% in the first quarter of 2025 and negative 1.5% in the fourth quarter of 2025. Non-GAAP loss from operations was RMB2.8 billion (US$410.4 million) in the first quarter of 2026, compared with RMB639.3 million non-GAAP income from operations in the first quarter of 2025 and RMB188.4 million non-GAAP loss from operations in the fourth quarter of 2025.
Net Income/(Loss) and Net Earnings/(Loss) Per Share

Net loss was RMB2.3 billion (US$330.0 million) in the first quarter of 2026, compared with net income of RMB646.6 million in the first quarter of 2025 and RMB20.2 million in the fourth quarter of 2025. Non-GAAP net loss was RMB2.1 billion (US$305.6 million) in the first quarter of 2026, compared with non-GAAP net income of RMB1.0 billion in the first quarter of 2025 and RMB274.4 million in the fourth quarter of 2025.Basic and diluted net loss per ADS attributable to ordinary shareholders were both RMB2.26 (US$0.33) in the first quarter of 2026, compared with RMB0.65 and RMB0.62 basic and diluted net earnings per ADS attributable to ordinary shareholders in the first quarter of 2025, respectively, and RMB0.01 and RMB0.01 basic and diluted net earnings per ADS attributable to ordinary shareholders in the fourth quarter of 2025, respectively. Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders were both RMB2.09 (US$0.30) in the first quarter of 2026, compared with RMB1.01 and RMB0.96 non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders in the first quarter of 2025, respectively, and RMB0.26 and RMB0.25 non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders in the fourth quarter of 2025, respectively. Cash Position, Operating Cash Flow and Free Cash Flow

Cash position7 was RMB94.3 billion (US$13.7 billion) as of March 31, 2026.Net cash used in operating activities was RMB6.1 billion (US$883.0 million) in the first quarter of 2026, compared with RMB1.7 billion net cash used in operating activities in the first quarter of 2025 and RMB3.5 billion net cash provided by operating activities in the fourth quarter of 2025. The change in net cash used in operating activities over the first quarter of 2025 was mainly due to the decrease in cash received from customers resulting from the lower average selling price. The change in net cash used in operating activities over the fourth quarter of 2025 was mainly due to the decrease in cash received from customers caused by a seasonal sequential decline in vehicle deliveries.Free cash flow was negative RMB7.4 billion (US$1.1 billion) in the first quarter of 2026, compared with negative RMB2.5 billion in the first quarter of 2025 and RMB2.5 billion in the fourth quarter of 2025.
Business Outlook

For the second quarter of 2026, the Company expects:

Deliveries of vehicles to be between 95,000 and 100,000 vehicles, representing a year-over-year decrease of 14.5% to 10.0%.Total revenues to be between RMB24.1 billion (US$3.5 billion) and RMB25.4 billion (US$3.7 billion), representing a year-over-year decrease of 20.2% to 16.0%.
This business outlook reflects the Company’s current and preliminary views on its business situation and market conditions, which are subject to change.

Conference Call

Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Thursday, May 28, 2026 (8:00 p.m. Beijing/Hong Kong Time on May 28, 2026) to discuss financial results and answer questions from investors and analysts.

For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10054648-why786.html

A replay of the conference call will be accessible through June 4, 2026, by dialing the following numbers:

United States:+1-855-883-1031Chinese Mainland:+86-400-1209-216Hong Kong, China:+852-800-930-639International:+61-7-3107-6325Replay PIN:10054648   Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.lixiang.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and release of valuation allowance on deferred tax assets, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB6.8980 to US$1.00, the exchange rate on March 31, 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

About Li Auto Inc.

Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World. Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and two Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: [email protected]

Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: [email protected]

  Li Auto Inc.
Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

   For the Three Months Ended March 31,
2025 December 31,
2025 March 31,
2026 March 31,
2026 RMB RMB RMB US$Revenues:       Vehicle sales24,678,585 27,252,291 21,533,182 3,121,656Other sales and services1,248,229 1,523,131 1,449,729 210,167Total revenues25,926,814 28,775,422 22,982,911 3,331,823Cost of sales:       Vehicle sales(19,801,927) (22,669,292) (20,225,885) (2,932,138)Other sales and services(806,428) (975,501) (948,981) (137,573)Total cost of sales(20,608,355) (23,644,793) (21,174,866) (3,069,711)Gross profit5,318,459 5,130,629 1,808,045 262,112Operating expenses:       Research and development(2,513,854) (3,016,587) (2,722,159) (394,630)Selling, general and administrative(2,531,009) (2,647,068) (2,049,203) (297,072)Other operating (expense)/income, net(1,942) 90,438 (35,473) (5,143)Total operating expenses(5,046,805) (5,573,217) (4,806,835) (696,845)Income/(Loss) from operations271,654 (442,588) (2,998,790) (434,733)Other (expense)/income:       Interest expense(48,220) (37,419) (40,658) (5,894)Interest income and investment income, net516,261 430,733 394,020 57,121Others, net34,730 21,930 44,248 6,415Income/(Loss) before income tax774,425 (27,344) (2,601,180) (377,091)Income tax (expense)/benefit(127,780) 47,587 325,148 47,137Net income/(loss)646,645 20,243 (2,276,032) (329,954)Less: Net (loss)/income attributable to noncontrolling interests(3,679) 13,724 13,499 1,957Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.650,324 6,519 (2,289,531) (331,911)        Net income/(loss)646,645 20,243 (2,276,032) (329,954)Other comprehensive loss       Foreign currency translation adjustment, net of nil tax(69,994) (337,950) (161,404) (23,399)Total other comprehensive loss(69,994) (337,950) (161,404) (23,399)Total comprehensive income/(loss)576,651 (317,707) (2,437,436) (353,353)Less: Net (loss)/income attributable to noncontrolling interests(3,679) 13,724 13,499 1,957Comprehensive income/(loss) attributable to ordinary shareholders of Li Auto Inc.580,330 (331,431) (2,450,935) (355,310)Weighted average number of ADSs       Basic1,004,099,494 1,010,547,649 1,013,814,503 1,013,814,503Diluted1,069,104,610 1,041,928,950 1,013,814,503 1,013,814,503Net earnings/(loss) per ADS attributable to ordinary shareholders       Basic0.65 0.01 (2.26) (0.33)Diluted0.62 0.01 (2.26) (0.33)Weighted average number of ordinary shares       Basic2,008,198,987 2,021,095,298 2,027,629,006 2,027,629,006Diluted2,138,209,219 2,083,857,900 2,027,629,006 2,027,629,006Net earnings/(loss) per share attributable to ordinary shareholders       Basic0.32 0.00 (1.13) (0.16)Diluted0.31 0.00 (1.13) (0.16)         Li Auto Inc.
Unaudited Condensed Consolidated Balance Sheets(All amounts in thousands)

         As of   December 31,
2025 March 31,
2026 March 31,
2026 RMB RMB US$ASSETS     Current assets:     Cash and cash equivalents56,691,765 42,815,524 6,206,948Restricted cash216,314 55,043 7,980Time deposits and short-term investments44,331,407 50,289,636 7,290,466Trade receivable119,823 129,005 18,702Inventories8,752,439 7,034,287 1,019,757Prepayments and other current assets5,174,246 5,281,281 765,625Total current assets115,285,994 105,604,776 15,309,478Non-current assets:     Long-term investments848,672 2,013,304 291,868Property, plant and equipment, net22,774,938 21,840,220 3,166,167Operating lease right-of-use assets, net9,099,313 8,556,156 1,240,382Intangible assets, net1,191,974 1,172,077 169,915Goodwill5,484 5,484 795Deferred tax assets3,334,206 3,589,633 520,388Other non-current assets1,755,237 1,783,871 258,607Total non-current assets39,009,824 38,960,745 5,648,122Total assets154,295,818 144,565,521 20,957,600LIABILITIES AND EQUITY     Current liabilities:     Short-term borrowings6,217,745 6,162,841 893,424Trade and notes payable40,579,219 35,975,795 5,215,395Amounts due to related parties26,644 14,312 2,075Deferred revenue, current1,621,429 1,395,838 202,354Operating lease liabilities, current1,690,356 1,546,085 224,135Accruals and other current liabilities13,412,260 11,094,658 1,608,390Total current liabilities63,547,653 56,189,529 8,145,773Non-current liabilities:     Long-term borrowings3,299,203 3,787,859 549,124Deferred revenue, non-current624,734 654,058 94,818Operating lease liabilities, non-current6,258,957 5,892,209 854,191Finance lease liabilities, non-current348,506 348,912 50,582Deferred tax liabilities691,652 589,971 85,528Other non-current liabilities6,385,370 6,496,091 941,735Total non-current liabilities17,608,422 17,769,100 2,575,978Total liabilities81,156,075 73,958,629 10,721,751Total Li Auto Inc. shareholders’ equity72,619,255 70,072,905 10,158,437Noncontrolling interests520,488 533,987 77,412Total shareholders’ equity73,139,743 70,606,892 10,235,849Total liabilities and shareholders’ equity154,295,818 144,565,521 20,957,600       Li Auto Inc.
Unaudited Condensed Consolidated Statements of Cash Flows(All amounts in thousands)

    For the Three Months Ended  March 31,
2025 December 31,
2025 March 31,
2026 March 31,
2026  RMB RMB RMB US$ Net cash (used in)/provided by operating activities(1,700,968) 3,521,370 (6,090,994) (883,009) Net cash (used in)/provided by investing activities(10,959,789) 2,110,251 (8,181,439) (1,186,060) Net cash provided by financing activities61,406 178,563 337,303 48,899 Effect of exchange rate changes on cash, cash equivalents and restricted cash(70,282) (225,491) (102,382) (14,841) Net change in cash, cash equivalents and restricted cash(12,669,633) 5,584,693 (14,037,512) (2,035,011) Cash, cash equivalents and restricted cash at beginning of period65,907,972 51,323,386 56,908,079 8,249,939 Cash, cash equivalents and restricted cash at end of period53,238,339 56,908,079 42,870,567 6,214,928          Net cash (used in)/provided by operating activities(1,700,968) 3,521,370 (6,090,994) (883,009) Capital expenditures(829,597) (1,053,769) (1,297,326) (188,073) Free cash flow (non-GAAP)(2,530,565) 2,467,601 (7,388,320) (1,071,082)           Li Auto Inc.
Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

   For the Three Months Ended March 31,
2025 December 31,
2025 March 31,
2026 March 31,
2026 RMB RMB RMB US$Cost of sales(20,608,355) (23,644,793) (21,174,866) (3,069,711)Share-based compensation expenses7,196 10,405 8,730 1,266Non-GAAP cost of sales(20,601,159) (23,634,388) (21,166,136) (3,068,445)        Research and development expenses(2,513,854) (3,016,587) (2,722,159) (394,630)Share-based compensation expenses238,932 143,303 128,160 18,579Non-GAAP research and development expenses(2,274,922) (2,873,284) (2,593,999) (376,051)        Selling, general and administrative expenses(2,531,009) (2,647,068) (2,049,203) (297,072)Share-based compensation expenses121,511 100,492 31,156 4,517Non-GAAP selling, general and administrative expenses(2,409,498) (2,546,576) (2,018,047) (292,555)        Income/(Loss) from operations271,654 (442,588) (2,998,790) (434,733)Share-based compensation expenses367,639 254,200 168,046 24,362Non-GAAP income/(loss) from operations639,293 (188,388) (2,830,744) (410,371)        Net income/(loss)646,645 20,243 (2,276,032) (329,954)Share-based compensation expenses367,639 254,200 168,046 24,362Non-GAAP net income/(loss)81,014,284 274,443 (2,107,986) (305,592)        Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.650,324 6,519 (2,289,531) (331,911)Share-based compensation expenses367,639 254,200 168,046 24,362Non-GAAP net income/(loss) attributable to ordinary shareholders of Li Auto Inc.1,017,963 260,719 (2,121,485) (307,549)        Weighted average number of ADSs       Basic1,004,099,494 1,010,547,649 1,013,814,503 1,013,814,503Diluted1,069,104,610 1,041,928,950 1,013,814,503 1,013,814,503Non-GAAP net earnings/(loss) per ADS attributable to ordinary shareholders       Basic1.01 0.26 (2.09) (0.30)Diluted0.96 0.25 (2.09) (0.30)Weighted average number of ordinary shares       Basic2,008,198,987 2,021,095,298 2,027,629,006 2,027,629,006Diluted2,138,209,219 2,083,857,900 2,027,629,006 2,027,629,006Non-GAAP net earnings/(loss) per share attributable to ordinary shareholders       Basic0.51 0.13 (1.05) (0.15)Diluted0.48 0.13 (1.05) (0.15)         ______________________________

1   All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB6.8980 to US$1.00, the exchange rate on March 31, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board.

2   Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.

3  The Company’s non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred tax assets. See “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

4   Each ADS represents two Class A ordinary shares.

5  Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.

6   Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.

7   Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments.

8   Non-GAAP items have no tax impact for all the periods presented.

A Deep Dive Into NVIDIA’s Latest Portfolio MovesLi Auto NASDAQ: LI executives said the company returned to a sales growth trajectory in the first quarter of 2026, but the Chinese electric vehicle maker reported sharply lower margins and a net loss as product mix and its model refresh cycle weighed on profitability.

Chairman and CEO Xiang Li said Li Auto returned to the top position in sales among Chinese brands in China’s new energy vehicle market priced at RMB 200,000 and above during the January-to-April period. He said monthly sales of the company’s BEV model, the Li i6, have stabilized at 20,000 units per month, placing it among the top three BEV SUVs.

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Before the Moon Base Gets Built, These 4 Companies WinLi also highlighted the May 15 launch of the all-new Li L9, with deliveries beginning May 17. The model is offered in Livis and Ultra trims priced at RMB 509,800 and RMB 459,800, respectively. Li said the company’s goal is to position the new L9 as a flagship SUV and that the Livis trim secured more than 10,000 orders within two weeks, with transaction prices above RMB 500,000.

Revenue Falls as Margins Contract CFO Johnny Tie Li said total revenue in the first quarter was RMB 23 billion. Vehicle sales revenue was RMB 21.5 billion, down 12.7% year over year and 21% quarter over quarter. He attributed the year-over-year decline mainly to a lower average selling price from product mix, while the sequential decline reflected reduced deliveries tied to Chinese New Year seasonality and lower average selling price.

Lumentum's 1,500% Run and Nvidia's $2 Billion Deal: What Comes Next?Gross profit fell to RMB 1.8 billion, down 66% from a year earlier and 64.8% from the prior quarter. Vehicle margin declined to 6.1%, compared with 19.8% a year earlier and 16.8% in the fourth quarter. Gross margin was 7.9%, down from 20.5% a year earlier and 17.8% in the prior quarter.

Operating expenses were RMB 4.8 billion, down 4.8% year over year and 13.8% sequentially. Research and development expenses rose 8.3% year over year to RMB 2.7 billion, while selling, general and administrative expenses declined 19% year over year to RMB 2 billion.

Li Auto reported a loss from operations of RMB 3 billion, compared with operating income of RMB 271.7 million a year earlier. Net loss was RMB 2.3 billion, compared with net income of RMB 646.6 million in the year-ago period. Diluted net loss per ADS attributable to ordinary shareholders was RMB 2.26.

The company used RMB 6.1 billion in operating cash flow during the quarter, and free cash flow was negative RMB 7.4 billion. Li said the company ended the quarter with RMB 94.3 billion in cash. He also noted that Li Auto has repurchased 17.5 million Class A ordinary shares, including 7.3 million ADS, for $148.1 million under a $1 billion share repurchase program announced in March.

Second-Quarter Outlook and Margin Recovery For the second quarter, Li Auto expects deliveries of 95,000 to 100,000 vehicles and total revenue of RMB 24.1 billion to RMB 25.4 billion.

In response to an analyst question about profitability, Johnny Tie Li said the first-quarter gross margin was affected by the L-series refresh cycle, a higher mix of i6 deliveries and purchase tax subsidies for the i6. He said the company expects gross margin to recover to about 10% in the second quarter.

“Looking at the full year, as we complete our model refresh cycle and optimize our production layout, we expect a continued improvement in our gross margin,” Li said.

L9 Ramp-Up and L8 Launch Plans During the Q&A session, management said the Livis version accounts for more than 90% of all L9 orders, while the Ultra version accounts for less than 10%. The company said it plans to strengthen promotion of the Ultra version to optimize the order mix.

Management said the all-new L9 and upcoming L8 will both be produced at the company’s Changzhou base, with flexible adjustment between production lines. May and June will be ramp-up months, with monthly capacity of 4,000 to 5,000 units. The company expects to deliver about 8,000 L9 units between mid-May and the end of June and said it is confident the new L9 can exceed the previous-generation L9’s delivery level after full ramp-up in the third quarter.

President Donghui Ma said the all-new Li L8 is planned for launch and delivery in June 2026. He described the L9 as a flagship six-seater and the L8 as a flagship five-seater. The new L8 will be larger than the previous generation, have an extended wheelbase, feature a five-seat layout and use the company’s in-house 1.5-liter turbocharged range extender system with a 72.7 kilowatt-hour 5C battery, the same battery as the new L9.

Focus on In-House Chips and AI Xiang Li said the all-new L9 marks Li Auto’s full deployment of its proprietary Mach M100 chip and MindVLA model. He described the Mach M100 as a five-nanometer automotive-grade AI inference chip and said the integrated hardware and software design delivers three times the effective computing power per unit cost.

CTO Yan Xie said Li Auto’s ADAS 9.0 system, powered by the in-house Mach M100 chip, shows significant improvements over ADAS 8.0, particularly in decision-making in complex scenarios and smoother longitudinal and lateral control. He said the company’s goal is to match the performance of Tesla’s FSD v14 in the U.S. in the second half of this year.

Xiang Li said Li Auto plans a separate June event focused on software and AI, including in-cabin interaction, foundation models, autonomous driving, system agents and the Mach chip. He also said competition in the mid- to high-end smart vehicle market over the next three to five years will center on embodied AI and the integration of chips and large foundational models.

International Expansion and Store Program Management said Li Auto is taking a phased approach to overseas expansion, using local subsidiaries, dealerships or sole distributors depending on market conditions. The company has signed contracts with distributors in Saudi Arabia and the United Arab Emirates and plans to enter Middle East and Central Asia markets in the third quarter with L-series range-extended models, starting with an overseas version of the new L9.

The company also plans to enter Macau, Cambodia, Laos and Myanmar starting in May, introduce the all-electric Li i6 in Europe in the second half of the year, and launch a right-hand-drive Li Mega in Hong Kong and Singapore by year-end.

On its Store Partner Program, management said giving store managers decision-making authority and profit-sharing rights has helped shift managers from “store executors” to “business operators.” The company said stores beat monthly sales targets on average in the first quarter, while also clearing inventory of the previous-generation L series and improving user satisfaction.

Xiang Li reaffirmed the company’s full-year sales growth target of 20%, citing the rollout of core technologies and updates to the product portfolio.

About Li Auto NASDAQ: LILi Auto Inc is a Chinese automotive company that develops, manufactures and sells smart electric vehicles, with an early focus on range-extended electric SUVs designed for family use. The company is headquartered in China and serves the domestic market through a combination of online channels and a network of retail/showroom locations. Li Auto was founded to address range-anxiety in electric vehicle buyers by integrating a small internal-combustion engine as a range extender alongside a large battery, enabling longer driving range while retaining electric driving characteristics.

The company's product lineup centers on multi‑occupant SUVs that combine electric propulsion, advanced in‑vehicle connectivity and driver‑assistance features.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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BEIJING, China, June 01, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China's new energy vehicle market, today announced that it delivered 33,350 vehicles in May 2026. As of May 31, 2026, Li Auto's cumulative deliveries reached 1,702,792.

Li Auto: The Worst Print Is Behind, Not Ahead