Li Auto reported second-quarter revenue of RMB25.67 billion, exceeding analyst expectations of RMB25.07 billion, though its net loss widened to RMB1.49 per share against a forecast loss of RMB1.47.
The company’s vehicle sales revenue totaled RMB24.1 billion, a 16.7% decline from a year earlier but an 11.8% increase from the first quarter. Total vehicle deliveries reached 98,330 units, down 11.5% year-over-year. Gross margin contracted to 11.0% from 20.1% in the same period last year, while vehicle margin fell to 9.4% from 19.4%.
Despite sequential improvements in margins and deliveries, Li Auto issued cautious third-quarter guidance. Revenue is projected between RMB26.6 billion and RMB28 billion, well below the RMB32.28 billion consensus. Deliveries are expected to range from 95,000 to 100,000 units, implying modest year-over-year growth of 1.9% to 7.3%.
Chairman and CEO Xiang Li attributed the outlook to intense market competition and a major model refresh cycle, noting Li Auto remained the top-selling domestic brand in China’s premium new-energy vehicle segment during the first half of 2026. Shares slipped 1.3% in U.S. premarket trading following the results.
