Li Auto-W (02015) announced its financial results for the first quarter of 2026. Vehicle sales revenue was RMB 21.533 billion, a decrease of 12.7% year-over-year and 21.0% quarter-over-quarter. Total revenue was RMB 22.983 billion, down 11.4% year-over-year and 20.1% quarter-over-quarter. Gross profit was RMB 1.808 billion, a significant decrease of 66.0% year-over-year and 64.8% quarter-over-quarter. The company reported a net loss of RMB 2.276 billion, a reversal from profitability both year-over-year and quarter-over-quarter.

Total vehicle deliveries for Q1 2026 reached 95,142 units, representing a 2.5% increase year-over-year. The company stated that the year-over-year decrease in vehicle sales revenue was primarily due to a lower average selling price resulting from a different product mix. The quarter-over-quarter decline was attributed to reduced vehicle deliveries related to seasonal factors associated with the Chinese New Year holiday, coupled with a lower average selling price from a changed product mix.

In April 2026, the company delivered 34,085 vehicles. As of April 30, 2026, Li Auto operated 511 retail centers in 160 cities across the country, along with 550 after-sales service and authorized service centers in 223 cities. The company had also deployed 4,077 super charging stations equipped with 22,509 charging piles.

Mr. Li Xiang, Chairman and CEO of Li Auto, commented, "In the first quarter, our organizational and supply chain optimization efforts yielded tangible results, helping Li Auto regain the top position among Chinese automotive brands in the RMB 200,000 and above new energy vehicle market in China. The all-new Li L9, launched in mid-May, demonstrates the strength of a flagship product with its comprehensively leading technology and product capabilities, reinforcing our confidence in establishing a benchmark position in the flagship SUV segment. The successful integrated in-vehicle deployment of our self-developed Mach M100 chip and the Mach VLA large language model represents an industry-leading technological breakthrough and lays the foundation for efficient future iteration. We look forward to launching the all-new Li L8 by the end of June to meet broader market demand. While continuously advancing our AI initiatives and strengthening core competitiveness, we remain committed to transforming the daily lives of more users through cutting-edge products and premium services."

Mr. Li Tie, CFO of Li Auto, added, "Our first-quarter gross margin reflected user-centric delivery initiatives for the Li i6, fluctuations in raw material prices, and the impact of the vehicle model transition cycle. As deliveries recover, bringing scale effects, and our updated product portfolio gains market recognition, we expect profitability to gradually improve. Based on confidence in our long-term growth prospects, we are executing a $1 billion share repurchase program, while our robust cash position continues to provide flexibility for strategic investments. With vast room for development, we are confident in creating long-term value for all stakeholders."

For the second quarter of 2026, the company expects vehicle deliveries to be between 95,000 and 100,000 units, representing a year-over-year decrease of 14.5% to 10.0%. Total revenue is forecasted to be between RMB 24.1 billion ($3.5 billion) and RMB 25.4 billion ($3.7 billion), a year-over-year decrease of 20.2% to 16.0%.