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Li Auto Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Third quarter 2025 marked the start of the company's second decade, facing challenges in supply chain, product lifecycle, PR, and policy changes, impacting operations and deliveries.
Vehicle deliveries fell 39.0% year-over-year to 93,211 units and declined sequentially from 111,074 in Q2 2025.
Strategic shift back to an entrepreneurial management model to better navigate rapid industry and technology changes, emphasizing user value, efficiency, and proactive problem-solving.
Long-term vision centers on developing embodied AI vehicles, aiming to transform cars into proactive, intelligent robots that enhance user experience and safety.
Net loss was RMB 624.4 million, reversing from net income of RMB 2.8 billion in Q3 2024 and RMB 1.1 billion in Q2 2025.
Financial highlights
Total revenue for Q3 2025 was RMB 27.4 billion, down 36.2% year-over-year and 9.5% quarter-over-quarter.
Vehicle sales revenue was RMB 25.9 billion, down 37.4% year-over-year and 10.4% quarter-over-quarter, mainly due to lower deliveries.
Gross profit was RMB 4.5 billion, down 51.6% year-over-year and 26.3% quarter-over-quarter.
Operating expenses were RMB 5.6 billion, down 2.5% year-over-year but up 7.8% sequentially.
Free cash flow was negative RMB 8.9 billion, versus positive RMB 9.1 billion last year and negative RMB 3.8 billion last quarter.
Outlook and guidance
Q4 2025 vehicle deliveries expected between 100,000 and 110,000 units; revenue guidance between RMB 26.5 billion and RMB 29.2 billion.
2026 strategy includes major generational upgrades for the L series, standardizing 5C supercharging, and expanding the supercharging network to 4,800 stations.
Company expects NEV penetration in China to reach 55%-60% in 2026, with premium segment above 60%.
Q4 2025 revenue projected to be down 40.1% to 34.2% year-over-year.
How did Li MEGA recall impact Q3 profitability?
What is the BEV portfolio's current market traction?
What drove the Q3 negative operating cash flow?
How will entrepreneurial model impact resource allocation?
Near-term embodied AI features for users?
Cash flow trajectory given Q3 outflow & 2026 policy?
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Next Li Auto earnings date
Q4 202526 Feb, 2026
Li Auto
Next Li Auto earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Li Auto Inc., designs, develops, manufactures, and sells smart electric sport utility vehicles (SUVs) in China. The company offers Li ONE, an extended-range electric SUV. It also provides connected car services that allow its users to view various vehicle diagnostic reports, software update status, remaining driving range report for extended range electric vehicle, and charging records; book maintenance appointments; and use its call centers service. Li Auto Inc. was founded in 2015 and is headquartered in Beijing, China.
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