Li Auto

NASDAQ: LI · HKEX: 2015 · China

Li Auto built its volume on range extenders - a battery car with a small petrol generator on board - and became profitable years before its peers by selling one thing to one buyer: large family SUVs above RMB200,000. The 2026 numbers are the cost of moving off that position, as the shift to battery electric models refreshed the whole lineup at once and took the margin with it.

Li Auto Vehicles delivered by period. Q3 26: 99,964. +7.2% year on year.
Period	Vehicles delivered	Source
Q1 25	92,864	Li Auto Q2 2026 results, delivery history table
Q2 25	111,074	Li Auto Q2 2026 results, delivery history table
Q3 25	93,211	Li Auto Q2 2026 results, delivery history table
Q4 25	109,194	Li Auto Q2 2026 results, delivery history table
Q1 26	95,142	Li Auto Q2 2026 results, delivery history table
Q2 26	98,330	Li Auto Q2 2026 results
Q3 26	99,964	Li Auto July, August and September 2026 delivery updates, summed

Li Auto Vehicles delivered by period. Q3 26: 99,964. +7.2% year on year.

Source: Li Auto July, August and September 2026 delivery updates, summed

Latest

Four horizontal bars show third-quarter 2026 deliveries against the third quarter of 2025 on a scale from 0 to 30 percent. NIO is up 25.4 percent on 109,178 vehicles and BYD up 18.7 percent on 1,323,065; both bars are pale. Li Auto is up 7.2 percent on 99,964 and XPeng up 2.1 percent on 118,390; both bars are darker.

EV & mobility

Q3 deliveries: NIO and BYD grew by double digits, XPeng and Li Auto did not

NIO delivered 109,178 vehicles in the third quarter (+25.4%) and BYD sold 1,323,065 (+18.7%). XPeng's 118,390 was up 2.1% and Li Auto's 99,964 up 7.2%. The growth came from NIO's premium brand and BYD's exports.

1 Oct 2026 · Analysis · 6 min

Three horizontal bars of equal width, each the range a company guided to for third-quarter 2026 deliveries, floor on the left and ceiling on the right: NIO 108,000 to 111,000, XPeng 115,000 to 121,000, Li Auto 95,000 to 100,000. A pale marker shows where actual deliveries landed. NIO's 109,178 sits about two-fifths of the way up, XPeng's 118,390 just past halfway, and Li Auto's 99,964 almost exactly at the ceiling.

EV & mobility

Q3 guidance scorecard: three hits, and Li Auto finished 36 vehicles from its ceiling

NIO, XPeng and Li Auto each delivered inside the third-quarter range they gave. NIO landed 39.3% of the way up its range, XPeng 56.5%, Li Auto 99.3%. All three set their ranges with part of the quarter already delivered.

1 Oct 2026 · Analysis · 6 min

Four ownership trees on a dark ground. BYD branches to BYD, Denza, Fangchengbao and Yangwang; Geely Holding Group to Geely, Zeekr, Lynk & Co and Volvo; SAIC Motor to MG, Roewe, Rising Auto and IM Motors; Changan Automobile to Deepal, Avatr and Changan. A dashed circle at the right lists GAC, Dongfeng, Chery, Changcheng and JAC as others. A row of cars stands beneath each group.

EV & mobility

Chinese EV brands: who owns what

Denza, Yangwang, ONVO, MONA, Zeekr, Lynk & Co, MG, Avatr. Most of the names arriving in Europe belong to seven groups, one of which also owns Volvo, and one phone company that owns no carmaker at all.

12 Sept 2026 · Deep dive · 10 min

An electric car shown as an exploded stack: body shell, seats and interior, battery pack, drivetrain and wheels, and the electronics board, each layer tagged with an icon. To the right, a magnifying glass enlarges one step of a bar chart, with a row of cars, a rising trend line and stacks of coins behind it.

EV & mobility

What EV gross margin actually measures, and why the Chinese makers report it differently

XPeng's gross margin rose from 17.3% to 20.7% over a year in which its cars got less profitable, not more. Both numbers come from the same filing. Here is how that works.

12 Sept 2026 · Deep dive · 8 min

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