Li Auto: Q2 revenue of 25.7 billion yuan, two flagship pure electric vehicles to launch soon

On August 26, Li Auto released its Q2 2026 financial results: the company achieved revenue of RMB 25.7 billion in the second quarter, up 11.7% quarter-over-quarter; overall gross margin improved by 3.1 percentage points quarter-over-quarter to 11.0%, and operating cash flow turned positive for the single quarter.

On deliveries, Li Auto delivered 98,330 new vehicles in Q2, up 3.4% quarter-over-quarter, with monthly deliveries consistently maintaining above the 30,000-unit level.

On cost control, R&D investment in Q2 reached RMB 2.8 billion, maintaining a first-tier scale among new forces; selling, general, and administrative expenses were RMB 2.3 billion, down 16.2% year-over-year, with an expense ratio of 8.9%, reflecting the results of lean organizational operations.

As of the end of Q2, Li Auto's cash reserves reached RMB 87.5 billion, providing financial support for technology R&D, product iteration, the ultra-fast charging network, and global expansion.

On the product front, the Li L series has completed its generational refresh, and the pure electric lineup is about to welcome major updates. The new Li MEGA and Li i9 will officially launch in September, expanding the pure electric product matrix.

On the technology side, embodied intelligence full-stack self-developed technologies such as the MaCh M100 AI chip, MaCh VLA large model, full-by-wire active chassis, and StarRing OS are gradually being deployed in vehicles.

For Q3, Li Auto provided guidance: expected deliveries of 95,000-100,000 vehicles and total revenue of RMB 26.6-28 billion. The company believes that with continued deliveries of the refreshed L series and the rollout of new pure electric products, gross margin is expected to improve further.

Q2 marked a transitional period for Li Auto's product refresh. With two new all-electric models launching in September, the "EREV + pure electric" dual-track approach enters a phase of synergistic growth. Li Auto CEO Li Xiang stated confidence in ranking among the top three in sales across all brands in China's passenger vehicle market above RMB 200,000.