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Li Auto Inc. (LI)

Li Auto makes electric vehicles for families in China, in two powertrain types: extended-range electric vehicles, which carry a small petrol engine as a generator, and battery electric vehicles. It was founded in April 2015 by Mr. Xiang Li; the offshore holding company was incorporated in the Cayman Islands in April 2017 as CHJ Technologies Inc. and renamed Li Auto Inc. in July 2020. Li Auto Inc. is a holding company with no material operations of its own, conducting business in China through PRC subsidiaries and variable interest entities. The figures are stated in renminbi.

Li Auto Inc.

Li Auto makes electric vehicles for families in China, in two powertrain types: extended-range electric vehicles, which carry a small petrol engine as a generator, and battery electric vehicles. It was founded in April 2015 by Mr. Xiang Li; the offshore holding company was incorporated in the Cayman Islands in April 2017 as CHJ Technologies Inc. and renamed Li Auto Inc. in July 2020. Li Auto Inc. is a holding company with no material operations of its own, conducting business in China through PRC subsidiaries and variable interest entities. The figures are stated in renminbi.

The lineup

Volume production of extended-range vehicles began in November 2019 with the Li ONE, a six-seat large SUV. The current lineup is one high-tech family MPV, four Li L series extended-range SUVs and two Li i series battery electric SUVs. The company says it focuses on new energy vehicles priced over RMB200,000, aimed at family use, with different series and models for different price ranges, vehicle sizes, seat options, powertrains and levels of intelligence.

Deliveries

Cumulative vehicle deliveries reached 1,540,215 by the end of 2025. The company passed one million cumulative deliveries on 18 October 2024, which it says made it the first emerging new energy automotive brand in China to do so, 58 months after its first delivery in December 2019, and passed 1.5 million in December 2025. Cumulative deliveries of extended-range models alone had passed 1.4 million by the date of the filing. In 2025 it took the Li L9, Li L7 and Li L6 into Uzbekistan, Kazakhstan, Azerbaijan and Egypt, beginning to establish a presence across Central Asia, the Caucasus and Africa.

The two powertrains

The extended-range solution is meant to let a family use a large SUV without range anxiety; the Li L series has a maximum CLTC pure electric range of 286 kilometres and a CLTC combined range of 1,421 kilometres. The battery electric technology is built for fast charging: the company states a driving range of 500 kilometres from a ten-minute charge. That rests on an 800-volt electric drive system using third-generation silicon carbide power modules, batteries with 5C charging capability, a wide temperature range thermal management system, and the company's own nationwide 5C supercharging network.

Li MEGA and the i series

Li MEGA, the first battery electric model, is a family MPV launched and first delivered in March 2024, built on an 800-volt platform with a 102.7 kilowatt-hour 5C battery, energy consumption of 15.9 kilowatt-hours per 100 kilometres on CLTC testing, the Li Auto Fortress Protection System and Li Magic Carpet air suspension. In September 2024 it received the highest G+ rating in three C-IASI categories and became the first MPV to get a G rating in the 25% frontal offset impact test on both driver and passenger sides. Li MEGA Home, launched in April 2025, adds zero-gravity second-row seats that rotate 45, 90 and 180 degrees and electrically powered front doors. The Li i8 and Li i6 both took the highest overall score in the China-Automobile Health Index assessment in 2025, in November and December respectively.

Making and selling

Vehicles are built in-house at the company's own Changzhou and Beijing manufacturing bases, alongside supplier collaboration and its own quality control protocols for selecting and managing suppliers. Design and engineering are in-house too, covering powertrain architecture, chassis, battery, motor and electric control systems, with particular expertise in battery management systems and vehicle control units. At the end of 2025 there were 548 retail stores in China, placed in high-traffic malls and auto sales parks, where a user checks a vehicle, test-drives it and places an order. Servicing centres and Li Auto-authorized body and paint shops numbered 561 across 224 cities, generally in urban development hubs or areas dense with automotive industry.

From Li Auto's annual report on Form 20-F for the year ended 31 December 2025. The filing

Compare with another name

Li Auto Inc. files a 20-F with the SEC once a year, in renminbi. In the year to 31 December 2025 it reported revenue of CNY 112,313 million ($15.6 billion at the year's average rate), down 22.3% on the year before. Its profit attributable to shareholders was CNY 1,124 million, down 86.0%, and diluted earnings per share CNY 0.54.

Li Auto (LI) in brief

Li Auto (LI) reported revenue of CNY 112 billion for the year to 31 December 2025, down 22.3% on the year before.
Read moreProfit attributable to shareholders was CNY 1.1 billion and diluted earnings per share CNY 0.54. Revenue was CNY 144 billion in 2024, CNY 124 billion in 2023, CNY 45.3 billion in 2022 and CNY 27.0 billion in 2021. Profit attributable to shareholders in the same years was CNY 8.0 billion, CNY 11.7 billion, a loss of CNY 2.0 billion and a loss of CNY 321 million. Revenue grew 64.0% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of Li Auto was $12.7 billion, 77.2 times its earnings for 2025.

The share in the US

Last close$12.49 on 10 November 2026
52-week range$10.71 (2 October 2026) to $20.42 (11 November 2025)
Over one yeardown 38.1%
Market cap$12.7 billion: 2,027,667,098 shares outstanding at 31 December 2025 (20-F, Class A and Class B, leaving out 108,557,400 restricted Class A shares awarded to the chief executive), each US share standing for 2 ordinary shares
P/E, latest fiscal year77.2: the last close over diluted EPS for the year to Dec 2025, CNY 0.54 per ordinary share times 2, CNY 1.08 per US share, $0.16 at 6.68 CNY per US dollar on 6 November 2026 (FRED DEXCHUS). The company reports once a year, so this is the latest fiscal year, not the last four quarters.

US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.

Ratios

From the latest annual report, the year to Dec 2025, in dollars

ROE1.5%
ROCE-0.6%
Operating margin-0.5%
Net margin1.0%
FCF margin-11.4%
Interest covern/a
Debt to equity0.13
Cash conversion-7.66
Share count, last 12 months0.6%
Sales CAGR, 3 years35.4%
Profit CAGR, 3 yearsn/a
EPS$0.16

At the close of 10 November 2026

Price$12.49
Market cap$12.7 billion
Stock P/E77.21
Price to book1.16
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales0.75
52-week high$20.42
52-week low$10.71
Price, 1 year-38.1%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowings total Li Auto Inc. states in its annual report, never added up from its parts; lease liabilities are a separate line. Nothing here is a valuation or a view.
LIgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed, times the 2 ordinary shares one US share stands for, in dollars at the year's average exchange rate (Federal Reserve, from FRED). Sales and margin are each year's revenue in dollars and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet in dollars at its year-end rate and its share count per US share. The dashed line is the median over the range shown. The P/E above uses today's exchange rate, so the latest point here can differ from it a little. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on LI

Dividendsno dividend in its filings for fiscal 2018 onward
Filings62 in twelve months: 61 reports on Form 6-K, most often next Day Disclosure Return (14); monthly Return for Equity Issuer and Hong Kong Depositary Receipts listed under Chapter 19B of the Exchange Listing Rules on Movements in Securities (6); next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) (6); date of Board Meeting (3); li Auto Inc. October 2026 Delivery Update (1)
Planned insider sales3 Form 144 notices in twelve months, $11.9 million; latest 12 June 2026
Options tapeput/call 0.75 by open interest at the 10 November 2026 close; the straddle prices a 3.8% move to 13 November 2026
13F holders160 funds reported a position for the quarter to 30 June 2026; largest Renaissance Technologies LLC
Congress0 House trades disclosed in six months
Short interest29.9 million shares short, 12.10 days to cover at 30 October 2026

Income statement (profit and loss), 8 fiscal years

Year toDec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenuen/a2849,45727,01045,287123,851144,460112,313
Cost of salesn/a2847,90721,24836,49696,355114,80491,327
Gross profitn/a-0.11,5495,7618,79027,49729,65620,985
Research and development7941,1691,1003,2866,78010,58611,07111,315
Selling, general and administrative3376891,1193,4925,6659,76812,22910,665
Operating profit-1,131-1,859-669-1,017-3,6557,4077,019-521
Profit before tax-1,165-2,418-189-153-2,15910,4529,3161,297
Income taxn/an/a-22.8169-127-1,3571,270158
Profit for the year-1,532-2,439-152-321-2,03211,8098,0451,139
Profit attributable to shareholders-1,532-2,439-152-321-2,01211,7048,0321,124
Filing20-F20-F20-F20-F20-F20-F20-F20-F
CNY million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the US GAAP tags the company filed.
Read moreA line the company does not file under the standard tag is left out rather than estimated. For Dec 2022, Dec 2023, Dec 2024, Dec 2025 the company files only its profit available to ordinary shareholders, after amounts due to holders of preference shares, and that is the figure shown; the other years are the profit attributable to the parent's shareholders. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.
Year toDec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Diluted EPS-7.25-12.87-0.91-0.17-1.045.553.790.54
Basic EPSn/a-12.87-0.91-0.17-1.045.954.030.56
Filing20-F20-F20-F20-F20-F20-F20-F20-F

CNY per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.

Revenue by product or service

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
Vehicle sales2819,28326,12844,106120,295138,538106,68395.0%
Services3.41748811,1803,5575,9225,6295.0%
Vehicle salesServices
0.28Dec 20199.5Dec 202027.0Dec 202145.3Dec 2022123.9Dec 2023144.5Dec 2024112.3Dec 2025

CNY billion; hover a block for its figure and share

CNY million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Cash flow statement

Year toDec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from operations-1,347-1,7943,1408,3407,38050,69415,933-8,611
Purchase of property, plant and equipment9719536753,4455,1286,5077,7304,206
Free cash flow-2,318-2,7472,4654,8962,25244,1868,203-12,817
Cash from investing-192-2,575-18,738-4,257-4,365-12.1-41,137-703
Cash from financing1,1095,65624,71116,7105,639185-416767
Depreciation and amortisation60.51163215901,2141,8053,0584,635
Filing20-F20-F20-F20-F20-F20-F20-F20-F
CNY million, from the cash flow statement as filed.
Read morePurchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.

Balance sheet at year end

Year toDec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Funded by
Equity attributable to shareholders-2,396-5,67529,80441,06444,85960,14370,87572,619
Non-controlling interestsn/an/an/an/a328433445520
Borrowings, as filedn/a9315125,9989,6228,7228,4339,517
Other liabilitiesn/a14,2566,05814,78731,73074,17082,59671,639
Total equity and liabilitiesn/a9,51336,37361,84986,538143,467162,349154,296
Owned
Property, plant and equipmentn/a2,7952,479n/an/an/an/an/a
Goodwilln/an/an/an/a5.55.55.55.5
Other intangible assetsn/a6746837518338649151,192
Cash and cash equivalents95.21,2968,93827,85438,47891,32965,90156,692
Trade and other receivablesn/a8.311612148.4144135120
Inventoriesn/a5181,0481,6186,8056,8728,1868,752
Other assetsn/a4,22223,10931,50540,36944,25387,20787,534
Total assetsn/a9,51336,37361,84986,538143,467162,349154,296
Filing20-F20-F20-F20-F20-F20-F20-F20-F
CNY million, at each fiscal year end.
Read moreBoth totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Gross marginn/a-0.0%16.4%21.3%19.4%22.2%20.5%18.7%
Operating marginn/a-653.6%-7.1%-3.8%-8.1%6.0%4.9%-0.5%
Net marginn/a-857.5%-1.6%-1.2%-4.4%9.5%5.6%1.0%
Free cash flow marginn/a-965.9%26.1%18.1%5.0%35.7%5.7%-11.4%
Return on year-end equityn/an/a-0.5%-0.8%-4.5%19.5%11.3%1.5%
Effective tax raten/an/an/an/an/a-13.0%13.6%12.2%
Filing20-F20-F20-F20-F20-F20-F20-F20-F

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Questions

What was Li Auto's revenue in 2025?

Li Auto (LI) reported revenue of CNY 112 billion for the year to 31 December 2025, down 22.3% on the year before.

How much did Li Auto earn in 2025?

Profit attributable to shareholders was CNY 1.1 billion for the year to 31 December 2025, and diluted earnings per share CNY 0.54.

What is Li Auto's P/E ratio?

At the close of 10 November 2026, Li Auto traded at 77.2 times its earnings for 2025.

What is Li Auto's market cap?

The market cap of Li Auto was $12.7 billion at the close of 10 November 2026.

Peers: Automobiles and Trucks

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Tesla, Inc. TSLA$1.50 trillion417.293.6%3.3%8.3%0.11n/a
Toyota Motor Corp. TM *$254.4 billion11.519.6%7.4%5.5%1.083.2%
General Motors Co. GM$75.3 billion20.346.3%2.3%-0.3%2.050.6%
Ferrari N.V. RACE *$73.7 billion41.6040.9%29.5%7.0%0.740.8%
Paccar Inc. PCAR$55.6 billion20.1113.2%n/a-1.5%0.712.6%
Ford Motor Co. F$50.1 billionn/a-21.1%-3.8%-1.4%4.424.9%
Honda Motor Co. Ltd. HMC *$45.3 billionn/a-3.6%-1.9%0.5%1.144.2%
Rivian Automotive, Inc. RIVN$20.0 billionn/a-52.0%-52.9%11.1%0.78n/a
Li Auto Inc. LI *$12.7 billion77.211.5%-0.5%-22.3%0.13n/a
Stellantis N.V. STLA *$12.3 billionn/a-41.8%-17.1%-2.1%0.8618.0%
XPeng Inc. XPEV *$9.7 billionn/a-3.8%-3.6%87.7%0.42n/a
Oshkosh Corp. OSK$8.6 billion17.6811.0%6.8%4.2%0.241.6%
All 51 in Automobiles and Trucks
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Tesla, Inc. TSLA$1.50 trillion417.293.6%3.3%8.3%0.11n/a
Toyota Motor Corp. TM *$254.4 billion11.519.6%7.4%5.5%1.083.2%
General Motors Co. GM$75.3 billion20.346.3%2.3%-0.3%2.050.6%
Ferrari N.V. RACE *$73.7 billion41.6040.9%29.5%7.0%0.740.8%
Paccar Inc. PCAR$55.6 billion20.1113.2%n/a-1.5%0.712.6%
Ford Motor Co. F$50.1 billionn/a-21.1%-3.8%-1.4%4.424.9%
Honda Motor Co. Ltd. HMC *$45.3 billionn/a-3.6%-1.9%0.5%1.144.2%
Rivian Automotive, Inc. RIVN$20.0 billionn/a-52.0%-52.9%11.1%0.78n/a
Li Auto Inc. LI *$12.7 billion77.211.5%-0.5%-22.3%0.13n/a
Stellantis N.V. STLA *$12.3 billionn/a-41.8%-17.1%-2.1%0.8618.0%
Allison Transmission Holdings Inc. ALSN$10.3 billion18.0428.0%18.3%70.8%1.920.9%
Borgwarner Inc. BWA$10.1 billion21.478.4%5.4%0.4%0.531.3%
XPeng Inc. XPEV *$9.7 billionn/a-3.8%-3.6%87.7%0.42n/a
Autoliv Inc. ALV$8.7 billion14.5025.3%9.1%4.3%0.792.9%
Oshkosh Corp. OSK$8.6 billion17.6811.0%6.8%4.2%0.241.6%
NIO Inc. NIO *$8.2 billionn/a-374.3%-16.0%33.1%3.36n/a
Aptiv plc APTV$8.1 billion10.908.8%8.7%-17.1%0.61n/a
Federal Signal Corp. FSS$7.0 billion23.8818.8%16.2%24.0%0.270.5%
Terex Corp. TEX$6.4 billion28.824.0%5.7%40.1%0.521.2%
Modine Manufacturing Co. MOD$5.5 billion43.0210.5%10.1%35.1%0.59n/a
Lear Corp. LEA$5.3 billion9.5711.7%3.7%3.5%0.552.8%
Atmus Filtration Technologies Inc. ATMU$4.5 billion20.5643.8%17.1%13.8%1.880.4%
Thor Industries Inc. THO$4.1 billion23.464.2%n/a0.3%0.222.6%
Dorman Products, Inc. DORM$4.0 billion20.2312.9%13.3%2.2%0.28n/a
Gentex Corp. GNTX$4.0 billion10.4416.0%19.1%7.7%0.002.5%
Garrett Motion Inc. GTX$3.8 billion10.62n/an/a6.9%n/a1.5%
Polaris Inc. PII$3.8 billionn/a-24.4%-1.8%9.5%1.934.1%
Versigent plc VGNT$3.0 billionn/an/an/an/a13.79n/a
Patrick Industries Inc. PATK$2.6 billion20.7011.6%6.3%1.7%1.21n/a
Phinia Inc. PHIN$2.6 billion14.3412.4%8.3%5.6%0.721.6%
Dana Inc. DAN$2.4 billion2.5061.0%3.2%5.1%0.921.9%
LCI Industries LCII$2.4 billion12.0913.6%7.6%-0.2%0.584.7%
Visteon Corp. VC$2.0 billion13.8711.3%n/a1.9%0.230.5%
Blue Bird Corp. BLBD$1.8 billion6.9743.0%11.8%13.5%0.13n/a
Lucid Group, Inc. LCID$1.5 billionn/an/a-255.9%46.5%n/an/a
Adient plc ADNT$1.2 billion26.882.8%n/a5.0%1.38n/a
Goodyear Tire & Rubber Co. GT$1.2 billionn/a-22.2%n/a-3.9%2.800.0%
Dauch Corp. DCH$1.1 billionn/a-14.6%1.1%65.0%3.32n/a
Standard Motor Products, Inc. SMP$998 million14.659.6%8.5%5.5%0.672.9%
Gentherm Inc. THRM$916 million99.401.3%3.4%8.8%0.44n/a
Winnebago Industries Inc. WGO$887 million25.772.8%2.4%-3.4%0.364.5%
Aeva Technologies, Inc. AEVA$856 millionn/a-313.2%-558.6%62.9%2.24n/a
Miller Industries Inc. MLR$542 million31.974.1%n/a-4.2%0.011.7%
Hyliion Holdings Corp. HYLN$538 millionn/a-31.2%-350.5%273.1%0.00n/a
Hyster-Yale, Inc. HY$503 millionn/a-34.9%-2.8%-14.2%1.315.2%
Wabash National Corp. WNC$471 millionn/a-51.2%-10.4%-7.3%2.032.8%
Cooper-Standard Holdings Inc. CPS$351 millionn/an/a1.7%2.2%n/an/a
Holley Inc. HLLY$315 million17.404.1%9.7%3.0%1.09n/a
Strattec Security Corp. STRT$246 million14.847.1%3.9%-0.7%0.00n/a
Motorcar Parts of America Inc. MPAA$141 millionn/a-0.2%6.0%-9.1%0.65n/a
Commercial Vehicle Group, Inc. CVGI$121 millionn/a-7.4%3.0%11.0%0.68n/a
14 companies share its SEC industry code (Motor Vehicles & Passenger Car Bodies); the rest are the names nearest in size in its wider industry, Automobiles and Trucks, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 202510 April 2026EDGAR
20-F31 December 202410 April 2025EDGAR
20-F31 December 202312 April 2024EDGAR
20-F31 December 202221 April 2023EDGAR
20-F31 December 202119 April 2022EDGAR
20-F31 December 202010 March 2021EDGAR