Li Auto Guides Q1 Revenue of RMB20.4–21.6B, Predicts 85k–90k Deliveries
Li Auto reported Q4 EPS of RMB0.25 and revenue of RMB28.78 billion, delivering 109,194 vehicles as sales fell 36.1% year-over-year and margin fell to 16.8% from 19.7%. For Q1 2026, the company forecast revenue of RMB20.4–21.6 billion versus consensus of RMB24 billion and projected 85,000–90,000 deliveries, implying an 8.5% decline to 3.1% growth.
1. Fourth-Quarter Results
Li Auto reported EPS of RMB0.25 and revenue of RMB28.78 billion in Q4 2025, delivering 109,194 vehicles. Vehicle sales revenue fell 36.1% year-over-year to RMB27.3 billion, while gross margin declined to 17.8% and operating margin turned negative 1.5%, compared with 8.4% a year earlier.
2. First-Quarter 2026 Guidance
For Q1 2026, Li Auto guided revenue of RMB20.4–21.6 billion, below the consensus of RMB24 billion, and forecast 85,000–90,000 vehicle deliveries, implying a year-over-year change between an 8.5% decline and a 3.1% increase.
3. Margin Trends and Future Product Cycle
Chairman Xiang Li highlighted that strategic adjustments in 2025 have improved organizational efficiency and supply capability. He also previewed the all-new Li L9 launch in Q2 with comprehensive powertrain, autonomous driving and chassis upgrades, and emphasized ongoing AI-native R&D investment for long-term innovation.