Li Auto Reports RMB2.3B Q1 Loss, 10% Q2 Margin and 8,000 L9 Deliveries
LI•Li Auto Inc posted a RMB2.3 billion net loss in Q1 2026 after prior-year profitability. The company led China’s NEV market above RMB200,000, aims to deliver 8,000 L9 units by end-June and projects a 10% gross margin in Q2.
1. Q1 Financial Performance
Li Auto Inc posted a net loss of RMB2.3 billion in Q1 2026, reversing a year-ago profit due to costs from model refresh cycles and a higher mix of i6 and L6 deliveries.
2. Sales Leadership and L9 Production
The company secured the top sales position among Chinese NEV brands priced above RMB200,000 and plans to produce 4,000–5,000 L9 units monthly in May and June, targeting delivery of approximately 8,000 L9 vehicles by end-June.
3. Profitability and Margin Outlook
With the new L9 launch completed, Li Auto projects its Q2 gross margin to recover to around 10%, expecting gradual improvement throughout the year as model refresh cycles conclude and production efficiency rises.
4. Technology, Store Program, and L8 Facelift
Li Auto’s ADAS 9.0 system, powered by the in-house M100 chip offering triple computing power at half the cost, and an early-success store partner program are enhancing operations, while a flagship L8 facelift is set to debut in June.
