Li Auto Delivers 95,000 Vehicles in Q1 2026, Reports RMB 23 Billion Revenue, Accelerates Embodied AI Push

On May 28, 2026, Li Auto released its first-quarter financial results. The data showed that the company delivered 95,142 vehicles during the quarter, an increase of 2.5% year-over-year, securing the top spot among Chinese brands in the new energy vehicle (NEV) market priced above RMB 200,000. Revenue reached RMB 23 billion, and cash reserves stood at RMB 94.3 billion at quarter-end, maintaining a level around RMB 100 billion for ten consecutive quarters. Amid rising raw material costs and cross-year delivery pressures, Li Auto proactively absorbed over RMB 500 million in purchase tax differentials for i6 customers and advanced a USD 1 billion share repurchase program. As of May 26, the company had already repurchased USD 139.7 million worth of shares. In terms of R&D, first-quarter expenses totaled RMB 2.7 billion, up 8.3% year-over-year. The company expects full-year R&D investment to reach RMB 12 billion, with approximately 50% allocated to AI-related fields. Meanwhile, sales and administrative expenses declined by 19% year-over-year. On the product front, battery electric vehicles (BEVs) have become the primary growth driver. Monthly deliveries of the Li Auto i6 have consistently exceeded 20,000 units, with the 100,000th unit rolling off the production line in April—setting a record as the fastest-selling BEV SUV in the RMB 200,000–300,000 price segment. The Net Promoter Score (NPS) for the Li Auto i8 continues to rise. By the end of April, Li Auto operated 4,077 ultra-fast charging stations, and it expects the number of 5C ultra-fast charging guns to surpass 8,300 by the end of 2026. On May 15, Li Auto unveiled the all-new Li L9, entering the premium SUV market above RMB 500,000. The Livis trim features proprietary technologies including the Maha M100 chip, the Maha VLA large model, and the Star Ring OS. Sales in the first two weeks post-launch exceeded expectations. Looking ahead to the second quarter, with ramp-up of the new Li L9 and the launch of the new Li L8 in June, the company anticipates a return to strong growth momentum. Li Auto will continue advancing its dual-track strategy of extended-range electric vehicles (EREVs) and BEVs while accelerating its expansion into embodied intelligence, including general-purpose humanoid robots.