Li Auto reported a net loss of RMB 2.3 billion for the first quarter of 2026. This result reverses the RMB 646.6 million net income recorded during the same period last year.
Total revenues fell 11.4% year-over-year. Quarterly revenue reached RMB 23.0 billion. Vehicle deliveries rose 2.5% to 95,142 units.
Overall gross margin dropped to 7.9%. This figure represents a sharp decline from the 20.5% margin reported a year ago. Management cited a shifting product mix and lower average selling prices for the contraction.
Li Auto forecasts second-quarter deliveries between 95,000 and 100,000 vehicles.