Li Auto (LI) Company Report

Li Auto Inc. delivered 33,181 vehicles in November 2025.
As of November 30, 2025, Li Auto's cumulative deliveries reached 1,495,969.
The company expects the monthly production capacity for Li i6 to reach 20,000 units by early next year and plans to release OTA 8.1 in early December 2025.
As of November 30, 2025, Li Auto operated 544 retail stores in 157 cities, 556 servicing centers and Li Auto-authorized body and paint shops in 227 cities, and 3,614 super charging stations equipped with 20,027 charging stalls in China.

Dec 1, 2025, 11:00 AM

6-K

Li Auto announces November 2025 deliveries and operational updates

Guidance Update

Revenue Acceleration/Inflection

Li Auto delivered 33,181 vehicles in November 2025, with cumulative deliveries reaching 1,495,969 as of November 30, 2025.
The company expects the monthly production capacity for Li i6 to increase to 20,000 units by early next year.
As of November 30, 2025, Li Auto operated 544 retail stores in 157 cities and 3,614 super charging stations with 20,027 charging stalls in China.

Dec 1, 2025, 8:30 AM

Press Release

Li Auto Inc. Announces Third Quarter 2025 Financial Results

Earnings

Guidance Update

Product Launch

Li Auto Inc. reported total revenues of RMB27.4 billion (US$3.8 billion) for the third quarter of 2025, representing a 36.2% year-over-year decrease, and a net loss of RMB624.4 million (US$87.7 million), compared to net income in the third quarter of 2024 and the second quarter of 2025.
Vehicle deliveries for the third quarter of 2025 were 93,211 vehicles, marking a 39.0% year-over-year decrease. The vehicle margin for the quarter was 15.5%, down from 20.9% in the third quarter of 2024, primarily due to estimated costs related to the recall of Li MEGA.
In September 2025, the company launched the Li i6, a new five-seat battery electric SUV, with deliveries beginning on September 27, 2025. Orders for the Li i8 and Li i6 have exceeded 100,000 in aggregate.
For the fourth quarter of 2025, Li Auto expects deliveries to be between 100,000 and 110,000 vehicles and anticipates total revenues to range from RMB26.5 billion to RMB29.2 billion (US$3.7 billion to US$4.1 billion).

Nov 26, 2025, 10:00 PM

6-K

Li Auto Reports Q3 2025 Financials and Announces Strategic Shift

Earnings

New Projects/Investments

Demand Weakening

Li Auto reported a net loss of RMB 624.4 million and a negative operating margin of 4.3% for Q3 2025, with total revenues decreasing 36.2% year over year to RMB 27.4 billion.
Starting Q4 2025, the company will revert to an entrepreneurial management model and focus on embodied AI and car robots, aiming to become a leader in this field within three to five years.
In 2026, Li Auto plans to launch an AI system based on internally developed M100 chips and begin mass production of 5C ultra-fast charging batteries.
The company expects a substantial dip in deliveries in Q1 2026 due to the phase-out of purchase tax policies, but anticipates the NEV penetration rate in China to reach 55-60% by 2026.
A major generational upgrade for the L series is scheduled for 2026, incorporating 5C standard supercharging across all models to reclaim leadership in the EREV market.

Nov 26, 2025, 12:00 PM

Transcript

Li Auto Provides Q4 2025 Outlook and Announces Strategic Shift to Embodied AI

Guidance Update

New Projects/Investments

Product Launch

Li Auto provided a business outlook for Q4 2025, expecting vehicle deliveries between 100,000 and 110,000 units and total revenue between RMB 26.5 billion and RMB 29.2 billion.
Starting in Q4 2025, CEO Xiang Li and the founding team will revert to an entrepreneurial management model, with a strategic focus on transforming cars into embodied AI or car-shaped robots by developing a full-stack AI system and tailored hardware.
The company anticipates a substantial dip in Q1 2026 deliveries due to a pull-forward effect from customers securing incentives before the purchase tax policy phases out at the end of 2025.
For 2026, Li Auto plans a major generational upgrade for its L series, including 5C standard supercharging on all models, aiming to reclaim leadership in the EREV market. The company is also developing an in-house M100 chip for embodied AI, with commercial development expected next year.

Nov 26, 2025, 12:00 PM

Transcript

Li Auto Reports Q3 2025 Financial Decline, Announces Strategic Shift to Entrepreneurial Model and Embodied AI

Earnings

Management Change

Demand Weakening

Li Auto reported a significant decline in Q3 2025 financials, with total revenues decreasing by 36.2% year-over-year to RMB 27.4 billion and a net loss of RMB 624.4 million, compared to a net income in the prior year. The company also experienced an operating cash outflow of CNY 7.4 billion.
Starting Q4 2025, Li Auto will revert to an entrepreneurial management model and shift its product strategy for the next decade towards developing cars as embodied AI/robots, moving beyond just electric vehicles or smart devices.
For 2026, Li Auto plans to launch an AI system based on its internally developed M100 chips, mass produce its 5C ultra-fast charging batteries, adopt an 800V high-voltage platform across all models, and expand its supercharging network to approximately 4,800 stations. The L series will undergo a major generational upgrade, and the I6 monthly production capacity is expected to reach 20,000 units.

Nov 26, 2025, 12:00 PM

Transcript

Li Auto Inc. announces October 2025 delivery update and global expansion

New Projects/Investments

Revenue Acceleration/Inflection

Li Auto Inc. reported 31,767 vehicle deliveries in October 2025, bringing cumulative deliveries to 1,462,788 as of October 31, 2025.
The company is accelerating its global expansion, having opened its first overseas authorized retail store in Uzbekistan in October 2025, with two more scheduled for Kazakhstan in November 2025.
As of October 31, 2025, Li Auto's infrastructure in China included 551 retail stores and 3,508 super charging stations equipped with 19,417 charging stalls.

Nov 3, 2025, 11:06 AM

6-K

Li Auto Inc. October 2025 Delivery Update and Global Expansion

New Projects/Investments

Product Launch

Li Auto Inc. delivered 31,767 vehicles in October 2025, bringing cumulative deliveries to 1,462,788 as of October 31, 2025.
The Li i6 model has accumulated over 70,000 orders since its launch.
The company initiated global expansion in October 2025 by opening its first overseas authorized retail store in Uzbekistan, with two more planned for Kazakhstan in November, as it prioritizes market expansion in Central Asia, the Middle East, Europe, and Asia-Pacific.
As of October 31, 2025, Li Auto operated 551 retail stores in 157 cities, 554 servicing centers in 225 cities, and 3,508 super charging stations equipped with 19,417 charging stalls in China.

Nov 1, 2025, 2:00 AM

Press Release

Li Auto Recalls MEGA EVs Over Battery Fire Risk

Li Auto is recalling 11,411 units of its 2024 Li MEGA electric vehicles due to a coolant defect that poses a risk of power battery thermal runaway and safety hazards.
The recall affects vehicles produced between February and December 2024 and is scheduled to begin on November 7.
The company will replace the coolant, power battery, and front motor controller free of charge for all affected vehicles.
This action follows a recent fire incident involving a Li MEGA vehicle and includes the implementation of emergency safety measures such as cloud-based early warnings and in-car alerts.

Oct 31, 2025, 4:43 PM

Bloomberg

FORVIA reports Q3 2025 sales and confirms full-year guidance

Earnings

Guidance Update

Debt Issuance

FORVIA reported stable organic sales of €6.1 billion for the third quarter of 2025, with reported sales decreasing 3.7% due to a €238 million negative currency impact.
The company confirmed its full-year 2025 guidance, targeting sales between €26.3 billion and €27.5 billion, an operating margin between 5.2% and 6.0%, net cash flow at or above €655 million, and a net debt/Adjusted EBITDA ratio of ≤1.8x.
FORVIA is progressing with efficiency measures, including 5,800 job reductions under the EU-FORWARD plan and the launch of the SIMPLIFY program to reduce costs by €110 million by 2028.
The company significantly improved its debt profile by securing approximately €1.3 billion in new financings during Q3 2025, bringing the total to €2.7 billion since the start of 2025, and nearly repaying its 2026 maturities.