In Q4 2025, Li Auto's revenue reached 28.775 billion yuan, a year-on-year decrease of 35%; vehicle sales revenue was 27.252 billion yuan, down 36.1% year-on-year; adjusted net profit stood at 0.274 billion yuan, a year-on-year drop of 93.2%. The decline in vehicle sales revenue compared to Q4 2024 was primarily due to a reduction in vehicle deliveries; the increase in vehicle sales revenue compared to Q3 2025 was mainly driven by higher vehicle deliveries, though this was partially offset by a lower average selling price resulting from the different product mix following the launch of the Li Auto i6.
Li Auto's vehicle gross margin was 16.8% in Q4, compared to 19.7% in Q4 2024 and 15.5% in Q3 2025. The decline in vehicle gross margin from Q4 2024 was primarily due to a different product mix; the increase in vehicle gross margin from Q3 2025 was mainly attributable to the estimated costs associated with the Li MEGA recall, though this was partially offset by the lower average selling price resulting from a different product mix following the commencement of deliveries for the Li i6.
Li Auto expects vehicle deliveries in the first quarter of 2026 to range from 85,000 to 90,000 units, a year-on-year decrease of 8.5% to 3.1%; revenue is expected to reach 20.4 billion to 21.6 billion yuan, a year-on-year decrease of 21.3% to 16.7%.
