Companies /Consumer Cyclical

Li Auto Inc

NASDAQ: LI Auto Manufacturers
$12.18
â–² $0.04 (+0.33%) today
Markets closed · 3:18am ET

Q1 2025 Earnings

Reported May 29, 2025, 6:49am ET · SEC source
$0.13
Miss −79.69%
EPS · est. $0.64
$3.6B
Miss −85.78%
Revenue · est. $25.1B
−10.5%
Trailing market
LI vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%May 29May 30report 6:49am ETearnings−1.8%+4.4%
0+3%+6%May 29May 30earnings−1.8%+4.4%
LI +4.4%S&P 500 −1.8%
0+4%+8%May 29May 30report 6:49am ETearnings−3.0%+4.4%
0+4%+8%May 29May 30earnings−3.0%+4.4%
LI +4.4%NASDAQ −3.0%
0+4%+8%May 28Jun 6report 6:49am ETearnings+0.1%+9.2%
0+4%+8%May 28Jun 6earnings+0.1%+9.2%
LI +9.2%S&P 500 +0.1%
0+4%+8%May 28Jun 6report 6:49am ETearnings−0.2%+9.2%
0+4%+8%May 28Jun 6earnings−0.2%+9.2%
LI +9.2%NASDAQ −0.2%
+2.11%
Day of report
−0.53%
Next session
+2.74%
One week
−5.83%
30 days

S&P 500 over the same 30 days: +4.68%.

Did LI Beat Earnings? Q1 2025 Results

Li Auto delivered a mixed first quarter, posting earnings of $0.13 per share on revenue of $3.57 billion as seasonal softness tied to the Chinese New Year holiday weighed on sequential volumes, while the company's shares slipped after adjusted profit and forward guidance fell short of analyst expectations. The company delivered 92,864 vehicles, a 15.5% increase year-over-year, though well below the prior quarter's pace, and revenue grew just 1.1% from a year ago as a shifting product mix pressured average selling prices. The more compelling story was on the cost side: operating expenses fell 14.0% year-over-year, helping swing the company from an operating loss of $584.90 million in Q1 2024 to operating income of $271.65 million this quarter, while vehicle margin improved to 19.8%. Looking ahead, Li Auto guided Q2 deliveries of 123,000 to 128,000 units and revenue of $4.50 billion to $4.70 billion, with investors watching closely for the July launch of the Li i8, its first battery electric SUV.

Key Takeaways
  • 15.5% year-over-year increase in vehicle deliveries to 92,864 units
  • Vehicle margin improvement to 19.8% from 19.3% YoY driven by cost reduction
  • 14.0% year-over-year decrease in operating expenses through reduced employee compensation, improved operational efficiency, and lower marketing spend
  • Swing from operating loss in Q1 2024 to operating income in Q1 2025
  • Seasonal softness from Chinese New Year holiday impacted sequential delivery volumes

“In the first quarter, we maintained our sales leadership position among Chinese automotive brands in the RMB200,000 and above NEV market by consistently delivering products and services with exceptional value for our users. Following the recent refresh of our product lineup, we have seen a robust influx of orders for the new Li L series, demonstrating their compelling product strength.”

Li Auto CEO, on the earnings call

Forward Guidance & Outlook

For Q2 2025, Li Auto expects vehicle deliveries of 123,000 to 128,000 units, representing a 13.3% to 17.9% year-over-year increase. Total revenues are expected to be between RMB32.5 billion (US$4.5 billion) and RMB33.8 billion (US$4.7 billion), representing a 2.5% to 6.7% year-over-year increase. The company also anticipates the July 2025 launch of its first battery electric SUV, the Li i8, and continues to advance its VLA Driver next-generation ADAS architecture.

LI YoY Financials

Revenue$3.6B
Gross Profit$732.9M
Operating Income$37.4M
Net Income$89.1M

LI Revenue by Segment

Vehicle Sales$3.4B+1.8%
Other Sales and Services$172.0M−9.7%

Figures from SEC filings and company reports. Not investment advice.