Li Auto projects Q3 vehicle deliveries of just 90,000–95,000 units, with total revenue expected to fall to RMB 24.8–26.2 billion ($3.5–3.7 billion).
On August 28, Li Auto released its financial results for the second quarter (Q2) of 2025.
The report showed that the company’s total revenue in Q2 reached RMB 30.2 billion ($4.2 billion), up 41.9% year-on-year and 16.7% sequentially. Net profit totaled RMB 1.1 billion ($0.2 billion), rising 128.8% YoY and 69.6% quarter-over-quarter (QoQ), marking 11 consecutive quarters of profitability.
Vehicle deliveries in Q2 reached 111,074 units, a 25.7% increase YoY and 10.7% rise QoQ. Vehicle sales revenue totaled RMB 28.9 billion ($4.0 billion), down 4.7% YoY but up 17.0% sequentially.
R&D investment remained elevated. Q2 R&D spending totaled RMB 2.8 billion ($0.4 billion), up 33.6% YoY, with full-year spending expected to exceed RMB 12 billion ($1.7 billion), of which more than RMB 6 billion ($0.8 billion) is earmarked for AI technology development. By the end of Q2, cash reserves stood at RMB 106.9 billion ($14.9 billion).
On the product front, the Li i8, launched in July, has drawn significant market attention, with cumulative deliveries expected to surpass 8,000 units by the end of September. The Li i6 is slated for official launch and delivery in September. Meanwhile, the Li MEGA has led the luxury MPV and pure-electric segment above RMB 500,000 ($69,700) for two consecutive months.
In intelligent driving, Li Auto will roll out the world’s first VLA driver large model to all AD Max users in September and upgrade its voice assistant “Li Xiang Tongxue” to an intelligent agent version capable of independently using tools, performing complex tasks, and retaining memory and understanding.
On electrification, the company’s in-house developed silicon carbide power chips, power modules, and next-generation electric drive systems are first applied in the Li i8 and subsequent electric models, enabling autonomous control over core technologies.
In sales and service infrastructure, Li Auto now operates over 3,100 supercharging stations nationwide, including more than 1,000 on highways covering major express routes, and over 2,000 urban superchargers, with plans to expand to 4,000.
As of July 31, 2025, in China, Li Auto had 535 retail stores in 153 cities, 527 servicing centers and Li Auto-authorized body & paint shops operating in 222 cities, and 3,028 super charging stations in operation equipped with 16,671 charging stalls.
Besides, Li Auto projects Q3 vehicle deliveries to fall to 90,000–95,000 units, down 41.1%–37.8% YoY, significantly below 152,800 units in Q3 2024. Revenue guidance is similarly subdued, projected at RMB 24.8–26.2 billion ($3.5–3.7 billion), down 42.1%–38.8% YoY, marking a substantial decline from last year’s levels.
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