Li Auto (LI) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a return to sales growth, with Li Auto regaining the top spot among Chinese NEV brands priced above RMB 200,000 from January to April.

• Q1 2026 vehicle deliveries reached 95,142, up 2.5% year-over-year but down sequentially from Q4 2025.

• The BEV L6 i6 stabilized at 20,000 units/month, ranking top three among BEV SUVs.

• The all-new Li L9 launched in May, targeting flagship SUV status, with over 10,000 orders for the Livis trim in two weeks.

• Proprietary Mach M100 chip and MindVLA model deployed, marking a milestone in in-house hardware-software integration.

Financial highlights

• Q1 total revenue was RMB 23 billion, down 11.4% year-over-year and 20.1% quarter-over-quarter.

• Vehicle sales revenue was RMB 21.5 billion, down 12.7% year-over-year and 21% quarter-over-quarter, mainly due to lower ASP from product mix.

• Gross profit was RMB 1.8 billion, down 66% year-over-year and 64.8% quarter-over-quarter.

• Net loss was RMB 2.3 billion, compared to RMB 646.6 million net income last year and RMB 20.2 million net income last quarter.

• Operating expenses were RMB 4.8 billion, down 4.8% year-over-year and 13.8% quarter-over-quarter.

Outlook and guidance

• Q2 2026 vehicle deliveries expected between 95,000 and 100,000 units; revenue guidance RMB 24.1–25.4 billion.

• Full-year sales growth target maintained at 20%.

• Gross margin expected to recover to about 10% in Q2 as new models ramp up.

• Management expects gradual profitability improvement as new models gain traction.