26 November 2025 – China: Li Auto (NASDAQ: LI) posted its first quarterly net loss in three years, hit by slowing demand and intensifying competition in China’s electric-vehicle market.

The company reported a third-quarter net loss of 625 million yuan ($88.2 million), a sharp reversal from a 2.81 billion yuan profit in the same period last year, missing analysts’ forecast of 439.8 million yuan.

Revenue fell 36% to 27.36 billion yuan, below expectations of 29.88 billion yuan, while deliveries totaled 93,211 vehicles, down 39% year-on-year. The vehicle margin dropped to 15.5%, impacted by higher unit costs and recall-related expenses for the Li MEGA.

Looking ahead, Li Auto expects fourth-quarter deliveries of 100,000–110,000 vehicles, a decline of roughly one-third, with revenue projected between 26.5 billion and 29.2 billion yuan, down 34%-40%.

The results underscore the challenges facing Li Auto as it navigates a highly competitive Chinese EV market, with rivals like XPeng and Xiaomi gaining traction in new model launches.