Li Auto delivered 44,246 vehicles in December 2025, approximately 4,000 units above consensus estimates. This represents a 33.35% increase from November’s 33,181 deliveries but a 24.38% decline compared with December 2024 volumes. For the fourth quarter, cumulative deliveries reached 109,194 vehicles, landing at the upper end of management’s guidance range of 100,000 to 110,000 units.

Total deliveries for 2025 amounted to 406,343 vehicles, down 18.8% from 500,508 units in 2024. The year-over-year decline underscores intensifying competition and slowing demand within China’s electric vehicle market, following a 29.4% stock price drop in 2025 and challenges in sustaining growth after two consecutive years of rapid expansion.

In December, Li Auto launched its flagship models L9, L7 and L6 in Egypt, Kazakhstan and Azerbaijan, marking the company’s initial entry into Central Asia, the Caucasus and Africa. The firm also rolled out its Li AI glasses, known as Livis, which have garnered positive user feedback during initial trials, positioning Li Auto to diversify its revenue streams beyond vehicle sales.

As of December 31, 2025, Li Auto operated 548 retail stores across 159 cities in China, supported by a network of 3,907 supercharging stations and 21,651 charging stalls. This extensive infrastructure footprint aims to alleviate range-anxiety concerns and improve customer experience, which management cites as critical to sustaining market share in a fragmented EV landscape.