LI Li Auto Inc.
Price Chart
Executive Summary
Li Auto reported Q1 2026 results with a GAAP net loss of RMB2.3B ($330M) vs net income of RMB646.6M a year ago, as total revenues fell 11.4% YoY to RMB23.0B ($3.3B) and vehicle margin collapsed to 6.1% from 19.8%. The company guided Q2 deliveries down 10-14.5% YoY and revenues down 16-20.2% YoY, signaling continued margin pressure and demand weakness despite a $1B buyback and new model launches.
Key Financial Metrics
Actionable Insight
Li Auto's Q1 results and Q2 guidance confirm a severe margin squeeze and demand deceleration. The 6.1% vehicle margin and negative free cash flow of RMB7.4B suggest the company is burning cash to maintain market share amid price competition. Monitor April delivery data (34,085 vehicles) and the ramp of all-new Li L9/L8 for any margin recovery signal. The $1B buyback provides a floor but does not offset deteriorating fundamentals.
Key Facts
- Q1 2026 total revenues RMB23.0B ($3.3B), down 11.4% YoY and 20.1% QoQ
- Vehicle margin collapsed to 6.1% from 19.8% YoY and 16.8% QoQ
- GAAP net loss RMB2.3B ($330M) vs net income RMB646.6M in Q1 2025
- Operating loss RMB3.0B vs operating income RMB271.7M a year ago
- Q2 2026 guidance: deliveries 95K-100K (down 10-14.5% YoY), revenues RMB24.1B-25.4B (down 16-20.2% YoY)
- Free cash flow negative RMB7.4B ($1.1B) vs negative RMB2.5B in Q1 2025
- Cash position RMB94.3B ($13.7B) as of March 31, 2026
- $1.0B share repurchase program: $139.7M completed as of May 26, 2026
- All-new Li L9 launched in May 2026; all-new Li L8 expected end of June 2026
Financial Impact
Revenue decline of 11.4% YoY, gross margin compression from 20.5% to 7.9%, net loss of RMB2.3B vs net income of RMB646.6M
Risk Factors
- Further vehicle margin compression from pricing pressure and model mix shift
- Q2 delivery guidance implies YoY decline of 10-14.5%, signaling weak demand
- Negative operating cash flow of RMB6.1B and free cash flow of -RMB7.4B raise liquidity concerns
- Convertible note put right exercise reduced outstanding notes to $145.7M, but $716.8M was already repurchased
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3302565 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 29, 2026
7d ago
|
Press Release
| $15.01 $14.99 | ▲ +0.13% | ▼ −0.16% | $14.20 (+5.40%) |
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May 28, 2026
8d ago
|
Press Release
| $15.54 $14.99 | ▲ +3.54% | ▲ +3.49% | $14.20 (+8.62%) |
|
May 12, 2026
24d ago
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Press Release
| $18.74 $16.69 | ▼ −10.94% | ▼ −11.02% | $14.20 (−24.23%) |
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Apr 10, 2026
8w ago
|
Press Release
| $19.21 $18.39 | ▼ −4.27% | ▼ −8.77% | $14.20 (−26.08%) |
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Mar 12, 2026
12w ago
|
Press Release
| $17.83 $17.10 | ▲ +4.09% | ▲ +3.12% | $14.20 (+20.36%) |
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Mar 1, 2026
13w ago
|
Press Release
| $17.57 $17.83 | ▲ +1.48% | ▲ +2.69% | $14.20 (−19.18%) |
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Feb 28, 2026
13w ago
|
Institutional Cluster
| $17.57 $17.83 | ▲ +1.48% | ▲ +2.69% | $14.20 (−19.18%) |
US Market Status
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