Overview

• Q2 revenue fell 4.5% year over year to about 30.2 billion yuan, with adjusted EPS at 1.37 yuan, both below analyst estimates.
• The company forecasts Q3 revenue of 24.8–26.2 billion yuan and deliveries of 90,000–95,000 vehicles, far under consensus and implying roughly a 38%–42% decline.
• Shares fell about 4.6% in early U.S. trading to around $21.6, the lowest level in roughly four months.
• Li Auto delivered 111,074 vehicles in Q2, up 2.3% year over year, as gross margin rose to 20.1% and vehicle margin to 19.4%.
• Cash and equivalents stood at $14.9 billion at quarter-end, while free cash flow swung to a $536.3 million outflow as the company emphasizes cost optimization and product and intelligence initiatives including the July launch of the Li i8 and a planned Li i6 debut in September.