Li Auto’s Q3 revenue totaled RMB 27.4 billion, with January-September period revenue reaching RMB 83.5 billion.
Li Auto officially released its third-quarter 2025 financial results. Before the earnings call begins at 7 PM tonight, let’s take a look at the key figures from the report.
Revenue
Li Auto delivered a total of 93,211 vehicles in Q3, down 39.0% year over year.
Total revenue reached RMB 27.4 billion (USD 3.8 billion), a decrease of 36.2% compared to RMB 42.9 billion in Q3 2024.
Vehicle sales accounted for RMB 25.9 billion (USD 3.6 billion), down 37.4% from RMB 41.3 billion in the same period last year, which the company attributed to lower vehicle deliveries.
Other sales and service revenue came in at RMB 1.5 billion (USD 210.4 million), down 3.4% year over year.
Cost of Revenue & Gross Margin
Cost of revenue in Q3 was RMB 22.9 billion (USD 3.2 billion), down 32.0% from Q3 2024, also due to reduced deliveries.
Gross profit totaled RMB 4.5 billion (USD 627.8 million), down 51.6% year over year.
Vehicle margin stood at 15.5%, lower than 20.9% in Q3 2024 and 19.4% in Q2 2025, mainly impacted by estimated costs related to the Li MEGA recall and higher per-unit manufacturing costs due to lower production volume.
Overall gross margin was 16.3%, compared to 21.5% in Q3 2024, primarily due to the decline in vehicle margin. Excluding estimated Li MEGA recall costs, Q3 2025 gross margin would have reached 20.4%.
Operating & Net Income/(Loss)
Li Auto reported an operating loss of RMB 1.2 billion (USD 165.4 million) and a net loss of RMB 624.4 million (USD 87.7 million) for Q3 2025.
On a non-GAAP basis, net loss was RMB 359.7 million (USD 50.5 million).
According to the financial report, free cash flow in the third quarter of 2025 was negative RMB 8.9 billion (USD 1.3 billion), compared to negative RMB 9.1 billion in Q3 2024 and negative RMB 3.8 billion in Q2 2025.
Q4 2025 Outlook
Li Auto expects Q4 vehicle deliveries to range between 100,000 and 110,000 units, representing a year-over-year decline of 37.0% to 30.7%.
Total revenue is forecasted between RMB 26.5 billion (USD 3.7 billion) and RMB 29.2 billion (USD 4.1 billion), down 40.1% to 34.2% compared to Q4 2024.
Retail & Service Network
As of September 30, 2025, Li Auto operated 542 retail stores across 157 cities in China, along with 546 service centers and authorized collision repair shops in 225 cities. The company also ran 3,420 Supercharging stations with 18,897 charging piles.
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