Overview
- Li Auto reported a CN¥1.7bn net loss for Q2 2026 with deliveries of 98,330 units, revenue of CN¥25.7bn and gross margin down to 11.0 percent from 20.1 percent a year earlier.
- The company showed quarter‑on‑quarter improvement with revenue up 11.7 percent from Q1, vehicle margin recovering from 6.1 percent to 9.4 percent and free cash flow improving to negative CN¥1.3bn.
- Li launched a refreshed Li L8 in June and the Li L6 in July, and recorded July deliveries of 30,468 vehicles as it tests demand for new trims and upcoming BEV variants.
- Li Auto holds CN¥87.5bn in cash, repurchased about 91.7 million Class A shares under a US$1bn buyback and kept R&D spending at CN¥2.8bn to develop its MACH M100 chip and AI systems.
- External analysis warns the company’s 490,000‑unit 2026 target looks unlikely without an unusually large Q4 surge, creating notable execution risk for meeting full‑year volume goals.