Li Auto Posts 39.81 Billion Yuan First-Half Loss as August Deliveries Rebound 32%

Li Auto reported first-half revenue of 48.65 billion yuan and a net loss attributable to shareholders of 3.981 billion yuan on August 26, while August deliveries rose 32% year on year to 37,679 vehicles, ending three straight months of declines, according to Jiemian News. The company said second-quarter revenue increased 11.7% from the first quarter to 25.667 billion yuan, gross margin recovered to 11% from 7.9%, and automotive gross margin improved to 9.4%, though both remained well below year-earlier levels. The article said the margin pressure was driven largely by a shift in the sales mix, with the pure-electric i6 accounting for about 60% of Li Auto's total deliveries in the first half. The i6 starts at 249,800 yuan and competes in the same price band as Tesla's Model Y and Aito's M7. Li Auto also said the launch of refreshed L9 and L8 models helped second-quarter margins, while new high-end pure-electric models including the next-generation MEGA and i9 are scheduled to roll out in September. Jiemian News reported that Li Auto's first-half overall gross margin fell to 9.5% from 20.3% a year earlier, and automotive gross margin dropped to 7.8% from 19.6%. The company said it had 87.5 billion yuan in cash reserves. It also said overseas expansion is accelerating, with plans to enter Middle East and Central Asia markets in the third quarter, launch the i6 in Europe in the second half, and introduce right-hand-drive MEGA versions in Hong Kong and Singapore by year-end.