Li Auto’s U.S.-listed shares fell about 1% in pre-market trading on Wednesday after the Chinese electric vehicle manufacturer reported second-quarter results that beat revenue estimates but missed earnings expectations and issued cautious third-quarter guidance.
The company posted revenue of RMB25.67 billion for Q2 2026, exceeding the consensus forecast of RMB25.07 billion, according to market data. Net loss per share totaled RMB1.49, narrowly missing the expected RMB1.47 loss. Vehicle margins contracted sharply to 9.4%, down from 19.4% in the same period a year earlier, reflecting pricing pressures and higher input costs.
Deliveries declined 11.5% year-over-year to 98,330 units, marking a second consecutive quarter of reduced volume. Li Auto’s stock, which has shed roughly 45% over the past 12 months, is currently trading near its 52-week low of $11.65.
For the third quarter, management guided revenue to a range of RMB26.60 billion to RMB28.00 billion, well below the analyst consensus of RMB32.28 billion. The outlook underscores concerns over softer demand amid a weakening macroeconomic backdrop in China and elevated oil prices, which have also pressured peers such as NIO and XPeng.
The broader market showed limited movement, with the Nasdaq modestly lower and the S&P 500 essentially flat on the day.
