Li Auto Announces Q4 and Full Year 2025 Financial Results with 406,343 Annual Deliveries

Li Auto Inc. ("Li Auto" or the "Company") (Nasdaq: LI; HKEX: 2015), a leader in China's new energy vehicle market, today announced its unaudited financial results for the quarter and full year ended December 31, 2025.

**Key Financial Highlights:**

- Q4 2025 total revenues: RMB28.8 billion (US$4.1 billion)

- Q4 2025 deliveries: 109,194 vehicles

- Full Year 2025 total revenues: RMB112.3 billion (US$16.1 billion)

- Full Year 2025 deliveries: 406,343 vehicles

- Year-end cash position: RMB101.2 billion

**CEO Comments:**

Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented: "Following our proactive strategic adjustments in 2025, we have seen positive momentum across organizational efficiency, supply capability, and sales system since the fourth quarter. These improvements have translated into higher store efficiency, alleviated Li i6 production constraints, and a recovery in Li i8 sales. In 2026, we will embark on an important product cycle. The all-new Li L9 to be launched in the second quarter will feature comprehensive upgrades in powertrain, autonomous driving, and chassis technology, all designed to deliver a generational leap in user experience. Looking ahead, we will continue to refine our restructured AI-native R&D system and consistently invest in R&D to drive product innovation and technological breakthroughs over the long term."

**CFO Comments:**

Mr. Tie Li, chief financial officer of Li Auto, added: "Despite near-term challenges from product cycle transitions and heightened industry competition, we leveraged our operational strength and disciplined cost management to achieve a resilient gross margin for the fourth quarter. Our solid financial position also underpinned overall performance, resulting in a positive bottom line for the full year. Our year-end cash position remained robust at RMB101.2 billion, providing ample fuel for us to capture the immense opportunities in embodied AI while accelerating global expansion."

**Recent Developments:**

The company highlighted several recent developments including delivery updates, Li AI Glasses, Livis, overseas expansion, and safety and health assessment results.

**Business Outlook:**

The company provided guidance for the first quarter of 2026, reflecting current and preliminary views on its business situation and market conditions, which are subject to change.

**Conference Call:**

Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Thursday, March 12, 2026 (8:00 p.m. Beijing/Hong Kong Time on March 12, 2026) to discuss financial results and answer questions from investors and analysts.