Zhong Guo Jing Ying Bao·2025-11-26 12:54Core Insights - Li Auto reported a revenue of 27.4 billion RMB (approximately 3.8 billion USD) for Q3 2025, a decrease of 36.2% compared to 42.9 billion RMB in Q3 2024 [1][6] - The gross profit for Q3 2025 was 4.5 billion RMB, down 51.6% from 9.2 billion RMB in the same quarter last year, resulting in a gross margin of 16.3%, compared to 21.5% in Q3 2024 [1][6] - Total vehicle deliveries in Q3 2025 were 93,211 units, reflecting a 39.0% year-over-year decline [1][4] Financial Summary - Vehicle sales revenue for Q3 2025 was 25.9 billion RMB (approximately 3.6 billion USD), a decrease of 37.4% from 41.3 billion RMB in Q3 2024 and a 10.4% decline from 28.9 billion RMB in Q2 2025 [6] - The vehicle gross margin for Q3 2025 was 15.5%, down from 20.9% in Q3 2024 and 19.4% in Q2 2025. Excluding the estimated costs related to the Li MEGA recall, the gross margin would have been 19.8% [6] - The total revenue for Q3 2025 was 27.4 billion RMB, a decrease of 9.5% from 30.2 billion RMB in Q2 2025 [6] Operational Insights - The company faced supply chain bottlenecks and costs associated with the Li MEGA recall during Q3 2025 [2] - Li Auto's CEO highlighted strong demand for its electric models, with total orders for the Li i8 and Li i6 exceeding 100,000 units [2] - As of September 30, 2025, Li Auto operated 542 retail centers across 157 cities and had 3,420 charging stations with 18,897 charging piles [5]