Hong Kong · Delayed Price · Currency is HKD Li Auto Earnings Call Transcripts
Fiscal Year 2026
-
Q1 2026 saw revenue growth but a sharp drop in margins and a net loss, driven by product mix and model refreshes. New flagship models and proprietary AI chips launched, with international expansion accelerating and gross margin recovery expected in Q2.
Fiscal Year 2025
-
Q4 revenue fell 35% year-over-year but rose sequentially, with BEV models showing strong order recovery and production ramp-up. Major investments in AI and in-house chips continue, while new L9 series launches aim to set new standards in flagship SUVs.
-
Q3 2025 saw revenue and profit declines due to lower deliveries and recall costs, but a strong cash position was maintained. Strategic focus shifts to embodied AI vehicles, major product upgrades, and supply chain improvements, with guidance for Q4 showing cautious optimism.
-
Q2 2025 saw over 110,000 vehicles delivered and RMB 30.2B in revenue, with BEV and EREV innovation driving growth. Gross margin held at 20.1%, and Q3 guidance projects 90,000–95,000 deliveries and stable margins. Heavy R&D and AI investment, sales network expansion, and global strategy underpin future growth.
-
Q1 2025 saw 92,000+ vehicles delivered and RMB 25.9B in revenue, with strong market leadership and robust order backlog. Q2 guidance projects up to 128,000 deliveries and stable margins, while innovation in ADAS, open-source OS, and network expansion drive future growth.
Fiscal Year 2024
-
Achieved record Q4 and full-year deliveries, with strong revenue and cash reserves supporting major R&D in AI and electrification. Guidance for Q1 2025 anticipates solid delivery growth but lower revenue, with new BEV launches and global expansion planned.
-
Q3 2024 saw record revenues, strong vehicle deliveries, and expanding market share in the premium NEV segment. Autonomous driving and charging infrastructure advanced rapidly, while robust cash flow and a positive outlook support continued growth and innovation.
-
Q2 2024 saw 25.5% year-over-year delivery growth and 10.6% revenue increase, with strong market share gains in premium NEVs. Gross margin declined to 19.5%, but Q3 guidance projects higher deliveries and revenue, and BEV launches remain on track for 2025.