Li Auto Q3 Revenue Plunges 36.2% as Deliveries Drop 39%
Li Auto shipped 93,211 vehicles in Q3, a 39% decline year over year, driving revenue down 36.2% to $3.96 billion and gross margin to 16.3% after a recall adjustment. The company holds $7.39 billion cash and has secured over 100,000 BEV orders as it guides for 100,000–110,000 deliveries in Q4.
1. Q3 Delivery And Revenue Decline
Li Auto shipped 93,211 vehicles in Q3 2025, a 39% year-over-year decline, driving revenue down 36.2% to $3.96 billion and compressing gross margin to 16.3% after a recall reduced margins by roughly 4.3 percentage points. The company reported a net loss of $90.3 million.
2. BEV Transition And Order Backlog
Li Auto has shifted from extended-range vehicles to pure BEVs, securing over 100,000 combined orders for the Li i8 and Li i6 SUVs. Its VLA Driver autonomous driving model hit a 91% monthly usage rate, underscoring strong customer adoption of its in-car AI features.
3. Cash Cushion And Q4 Guidance
With a $7.39 billion cash balance, Li Auto aims to sustain operations through its BEV pivot and fund technology development. The Q4 delivery guidance of 100,000 to 110,000 units implies a 31% to 37% year-over-year decline, highlighting near-term transition headwinds.