Li Auto
理想汽车Extended-range SUV maker; Q2 2026 deliveries fell 11.5% to 98,330 and it lost ¥1.7bn as its vehicle margin dropped to 9.4% from 19.4%.
- DeliveriesQ2 2026
- 98,330down 11.5%
- RevenueQ2 2026
- ¥25.67bndown 15.1%
- Vehicle marginQ2 2026
- 9.4%against 19.4%
Overview
Business
Li Auto (理想汽车) sells family SUVs, first with extended-range powertrains and now also battery-electric models. It runs its own supercharging network (Q2 2026 results, Form 6-K Exhibit 99.1).
Results
In the second quarter of 2026 Li Auto delivered 98,330 vehicles, down 11.5% from a year earlier. Vehicle sales were ¥24.07bn, down 16.7%, and total revenue ¥25.67bn, down 15.1%. The vehicle margin was 9.4%, against 19.4% a year earlier, and the gross margin 11.0%, against 20.1%. It made a net loss of ¥1.71bn, against net income of ¥1.1bn in the second quarter of 2025. Cash was ¥87.5bn (Financial Highlights).
Plans
The CEO says it has completed upgrading the Li L series and is refreshing its battery-electric lineup, and the CFO expects further margin gains in the second half from refreshed models and the Li i9. It guides to 95,000 to 100,000 deliveries in the third quarter. It had 4,097 supercharging stations with 22,593 charging stalls in China at the end of June (CEO and CFO Comments, Business Outlook).
Where it stands
Li Auto's margin fell by about 10 points in a year and it has moved from profit to loss, while NIO went the other way.
Key metrics
| Metric | Period | Value |
|---|---|---|
| DeliveriesQ2 2026 results, Operating Highlights | Q2 2026 | 98,330down 11.5% |
| RevenueQ2 2026 results, Financial Highlights | Q2 2026 | ¥25.67bndown 15.1% |
| Vehicle marginQ2 2026 results, Financial Highlights | Q2 2026 | 9.4%against 19.4% |
| Net lossQ2 2026 results, Financial Highlights | Q2 2026 | ¥1.71bnagainst net income of ¥1.1bn |