昔日尖子生“考砸”，400亿李想“认错”

Core Viewpoint - Li Auto has reported a significant decline in vehicle deliveries and a net loss of over 620 million yuan in Q3, marking a stark contrast to its previous performance as a leading new energy vehicle manufacturer [3][4][10]. Financial Performance - In Q3, Li Auto's revenue decreased by 36.2% year-on-year to 27.4 billion yuan, with vehicle sales revenue dropping by 37.4% to 25.9 billion yuan [8][11]. - The company delivered 93,200 vehicles in Q3, a nearly 40% drop from 152,800 vehicles in the same period last year [8]. - Operating expenses were 5.6 billion yuan, a slight decrease of 2.5% year-on-year but an increase of 7.8% quarter-on-quarter, primarily due to rising R&D costs [8]. - The overall gross margin fell to 16.3%, down 5.2 percentage points year-on-year, while vehicle gross margin decreased to 15.5% [11][12]. - If excluding the impact of the MEGA recall, the gross margins would have been 20.4% and 19.8%, respectively [14]. Recall Incident - Li Auto recalled over 11,000 MEGA vehicles due to a coolant leakage issue, which is estimated to have caused a loss of approximately 1.1 billion yuan in Q3 [3][16][20]. - The recall was initiated following a fire incident involving a MEGA vehicle, leading to an internal investigation and accountability measures against over 18 employees [19][21]. Management Reflection and Future Strategy - Founder Li Xiang publicly acknowledged the company's shortcomings and plans to revert to a startup management model, moving away from the professional management approach adopted in recent years [4][5][23]. - The company aims to focus on "embodied intelligence" in the next decade, believing it to be a key area for future growth and innovation [6][24]. - Li Auto is also expanding its product line to include pure electric vehicles, having launched the MEGA and two new electric SUVs, the i8 and i6, to capture market share in the growing electric vehicle segment [25]. Market Position and Competitors - Li Auto's stock price has dropped nearly 50% from its peak this year, reflecting the challenges faced by the company [6]. - In the wealth rankings among new energy vehicle leaders, Li Xiang's net worth has been surpassed by competitors, indicating a shift in market dynamics [7].