Li Auto Reports Q2 2026 Revenue RMB25.7B, Deliveries 98,330

Li Auto reported its second-quarter 2026 results with total revenue of RMB25.7 billion and deliveries of 98,330 vehicles, a year-over-year decline of about 11.5%. Vehicle sales reached RMB24.1 billion, the gross margin was 11.0%, and gross profit came in at RMB2.8 billion; operating expenses were around RMB5.1 billion, reflecting ongoing cost dynamics as the company navigates a slower Chinese EV market. Analysts had anticipated a Q2 loss per share near 0.01 yuan on roughly RMB3.86 billion in revenue, underscoring expectations of a narrow improvement from the prior quarter amid intensified competition and subsidy tapering. Li Auto also highlighted the competitive landscape in China’s cooling EV market, where price competition and margin pressure have tempered revenue growth. The company has rolled out the Li L6 in July, with July deliveries totaling 30,468 vehicles, a potential catalyst analysts will watch to determine if newer models can restore momentum without eroding pricing power. Overall sentiment among analysts remains cautious, with mixed ratings and targets around the $18 mark amid cooling demand, though some see upside on improved product mix and execution.