李想承认错误，理想摸索新路

Core Viewpoint - The article discusses the challenges faced by Li Auto in 2025, highlighting its transition from a profitable new energy vehicle company to a phase of declining sales and the introduction of new AI products as a potential growth avenue [2][5]. Financial Performance - Li Auto reported Q3 2025 revenue of 27.4 billion yuan, a year-on-year decrease of 36.2% [2] - Vehicle sales revenue was 25.9 billion yuan, down 37.4% year-on-year and 10.4% quarter-on-quarter [2] - The company incurred a net loss of 624.4 million yuan, contrasting with a net profit of 2.8 billion yuan in the same period last year [2] Market Dynamics - The demand for range-extended vehicles has declined, with their market share in the overall new energy vehicle wholesale structure dropping to 7.5% in October 2025 [3] - Increased competition in the range-extended vehicle segment is noted, with brands like XPeng and Buick launching their own models [3] Product Challenges - Li Auto's first pure electric model, the Li MEGA, faced a recall of 11,411 units due to a coolant defect, estimated to cost around 1.1 billion yuan [4] - The new electric SUVs, Li i8 and Li i6, have not stabilized in sales, with the i6 facing delivery delays due to sold-out production capacity for 2025 [4] Strategic Shift - CEO Li Xiang acknowledged the need to revert to a startup management model after three years of operating as a professional management organization [5] - The company aims to redefine itself as a "space robotics company" rather than just an automotive manufacturer, launching the AI smart glasses Livis as part of this vision [5] Future Outlook - The company anticipates that the true potential of AI glasses will emerge around 2027-2028, coinciding with advancements in autonomous driving technology [5] - The AI sector is still maturing, and the effectiveness of companies' strategies in this field remains to be validated over time [6]