Core Viewpoint - The company has introduced a "recall inquiry" feature on its app to address safety concerns related to the cooling liquid affecting the battery system, ensuring real-time monitoring of vehicle status [1][3]. Group 1: Recall and Safety Measures - A recent incident involving a fire in a Li Auto MEGA vehicle prompted the company to conduct a self-assessment and initiate a recall of 11,411 MEGA 2024 models produced between February and December 2024 due to insufficient corrosion resistance of the cooling liquid [5]. - The company is actively enhancing the repair capacity for the battery systems and aims to accelerate the recall and repair process [4]. Group 2: Customer Communication - The product line head reassured customers that if there are no cloud alerts or vehicle fault messages, their vehicles are in a normal state, encouraging them to use their cars with confidence [1][3].

头部造车新势力，迎来2025年三季报收官。 11月26日晚间，理想汽车发布的财报显示，2025年第三季度净亏损6.24亿元，同比、环比均由盈转亏。 | | | 截至以下日期止三個月 | | 百分比變動。 | | | --- | --- | --- | --- | --- | --- | | | 2024 年 | 2025 年 | 2025 年 | 同比 | 環比 | | | 9 月 30 日 | 6月30日 | 9月30日 | | | | | 人民幣 | 人民幣 | 人民幣 | | | | 車輛銷售收入 | 41,323.8 | 28.885.1 | 25.867.1 | (37.4)% | (10.4)% | | 車輛毛利率 | 20.9% | 19.4% | | 15.5% (5.4)個百分點 (3.9)個百分點 | | | 收入總額 | 42.874.2 | 30.245.6 | 27.364.7 | (36.2)% | (9.5)% | | 毛利 | 9,224.7 | 6.067.0 | 4.469.0 | (51.6)% | (26.3)% | | 毛利率 | 21.5% | 20.1% | | ...

【 导读 】 理想汽车受MEGA召回事件影响，2025年第三季度损失超11亿元 中国基金报记者 邱德坤 头部造车新势力，迎来2025年三季报收官。 11月26日晚间，理想汽车发布的财报显示，2025年第三季度净亏损6.24亿元，同比、环比均由盈转亏。 | 主要財務英續 | | | | | | | --- | --- | --- | --- | --- | --- | | (以百萬計,百分比和每股美國存証股份數據除外) | | | | | | | | | 截至以下日期止三個月 | | 百分比雙動。 | | | | 2024 年 | 2025年 | 2025 SE | 同比 | 環比 | | | | 9月30日 6月30日 9月30日 | | | | | | 人民警 | 人民能 | 人民部 | | | | 東藤箔伸收入 | 41.323.8 | 28,885.1 | 25,867.1 | (37.4% | (10 41% | | 原廠手利率 | 20.9% | 19.4% | | 15.5% (5.4)個百分點(3.9)個百分點 | | | 收入總額 | 42.874.2 | 30.245.6 | 27.364. ...

Core Viewpoint - Li Auto reported a net loss of 6.24 billion RMB in Q3 2025, marking a significant shift from profit to loss year-on-year and quarter-on-quarter due to the impact of the MEGA recall event, resulting in losses exceeding 1.1 billion RMB [1][3]. Financial Performance - Vehicle sales revenue for Q3 2025 was 25.87 billion RMB, a decrease of 37.4% year-on-year and 10.4% quarter-on-quarter [2]. - Total revenue for Q3 2025 was 27.36 billion RMB, down 36.2% year-on-year and 9.5% quarter-on-quarter [4]. - Gross profit for Q3 2025 was 4.47 billion RMB, reflecting a 51.6% decline year-on-year and a 26.3% decline quarter-on-quarter [2]. - The gross margin for Q3 2025 was 16.3%, down 5.2 percentage points year-on-year [9]. Delivery and Market Position - Li Auto was the only new energy vehicle manufacturer among its peers to report a decline in revenue for Q3 2025, while competitors like NIO, Xpeng, and Leap Motor reported revenue growth [5][6]. - The total delivery volume for Q3 2025 was 93,200 units, a decrease of 39.0% year-on-year [8]. - In comparison, NIO, Xpeng, and Leap Motor reported delivery volumes of 87,000, 116,000, and 173,900 units respectively, with significant year-on-year growth [8][12]. Recall Impact - The MEGA recall involved 11,411 vehicles and was initiated following a fire incident, leading to an estimated impact of approximately 1.11 billion RMB on Li Auto's gross profit for Q3 2025 [9][11]. - The company plans to replace cooling liquid, power batteries, and front motor controllers for the recalled vehicles at no cost to customers [8]. Future Outlook - Li Auto's CEO indicated that the company is focusing on its electric vehicle transition, with strong order numbers for the new models i8 and i6, exceeding 100,000 units [10][11]. - For Q4 2025, Li Auto expects delivery volumes to range between 100,000 to 110,000 units, representing a year-on-year decline of 30.7% to 37.0% [11][12].

Core Points - Li Auto has issued two handling announcements regarding quality issues with the 2024 MEGA vehicles and the 2025 L series vehicles, acknowledging the incidents and apologizing to affected users [1][3] - The company emphasizes its commitment to safety and reliability in product development, aiming to provide an experience that exceeds user expectations [1] Group 1: 2024 MEGA Vehicle Issues - A fire incident involving a Li Auto MEGA vehicle on October 23 raised concerns, leading to a recall of 11,411 units produced between February 18, 2024, and December 27, 2024, due to insufficient corrosion resistance of the coolant [3] - Internal handling announcements indicate that personnel responsible for material technology and battery testing were primarily accountable for the coolant leakage risk assessment failures [3][4] - The company has taken disciplinary actions against employees involved, including contract termination and penalties for management [4] Group 2: 2025 L Series Vehicle Issues - The 2025 L series vehicles have reported issues with noise from the front wheels, attributed to a new type of hydraulic bushing grease that changes viscosity at high temperatures [4] - Li Auto claims that this issue only causes occasional noise and does not affect vehicle performance, safety, or durability [4] - The company has acknowledged insufficient testing of the new grease, leading to the noise problem, and has implemented corrective measures against responsible employees [4]

Core Viewpoint - Li Auto has acknowledged quality issues related to the 2024 MEGA model and the 2025 L series, leading to recalls and internal accountability measures [1][3][4] Group 1: Quality Issues and Recalls - Li Auto announced a recall of 11,411 units of the 2024 MEGA model due to coolant leakage caused by insufficient corrosion resistance of the coolant under specific conditions, which could lead to battery thermal runaway [3] - The company identified that the main responsibility for the coolant issue lies with the materials technology team, while the electric powertrain team also shares significant responsibility for inadequate testing and risk assessment [3][4] Group 2: Customer Experience and Accountability - Li Auto has issued a statement apologizing to affected users and emphasized its commitment to safety and customer experience [1] - For the 2025 L series, the company addressed noise issues related to the new hydraulic bushing grease, which was resolved by July, stating that it does not affect vehicle performance or safety [4] - Internal actions taken include termination of direct employees responsible for the issues and penalties for their managers, such as cancellation of year-end bonuses and promotion eligibility [4]

Core Viewpoint - The record of "zero recalls" among new car manufacturers has been broken, with Li Auto announcing a recall of 11,411 units of the Li MEGA 2024 model due to safety hazards related to insufficient coolant corrosion resistance [1][2]. Group 1: Recall Trends - In 2024, China implemented 233 vehicle recalls involving 11.237 million vehicles, a 67% year-on-year increase, with 89 recalls for new energy vehicles affecting 4.491 million units, marking a 180.1% increase [1]. - New car manufacturers previously maintained a "zero recall" record to protect their brand image, but this was not due to the absence of defects, as issues may have been "invisibly handled" [1]. Group 2: Regulatory Changes - Stricter regulations are being enforced, making "invisible handling" of defects increasingly untenable. A draft notice from the market regulatory authority and the Ministry of Industry and Information Technology requires companies to strictly manage OTA upgrade filings and prohibits the use of unverified software to conceal defects [1]. Group 3: Industry Response - New car manufacturers are urged to abandon the pursuit of a "zero recall" image and adopt a more responsible approach similar to established European and American car companies, recognizing that recalls are not a brand blemish but a new starting point for reducing safety risks [2]. - Companies that transparently address product vulnerabilities will be better positioned to earn long-term consumer trust as market dynamics shift [2].

Core Viewpoint - The record of "zero recalls" among new car manufacturers has been broken, as Li Auto announced a recall of 11,411 units of the Li MEGA 2024 model due to safety hazards related to coolant corrosion performance [1][2]. Group 1: Recall Trends - In 2024, China implemented 233 vehicle recalls involving 11.237 million vehicles, a 67% year-on-year increase. Among these, 89 recalls involved new energy vehicles, affecting 4.491 million units, marking a 180.1% increase year-on-year [1]. - The "zero recall" status of new car manufacturers was not due to the absence of defects but rather the potential "invisible handling" of issues. With stricter regulations and increasing sales, this approach is becoming less viable [1]. Group 2: Regulatory Changes - In August, the State Administration for Market Regulation and the Ministry of Industry and Information Technology drafted a notice to strengthen the supervision and management of recalls for intelligent connected new energy vehicles, requiring companies to strictly manage OTA upgrade filings and prohibiting the concealment of defects through unverified software [1]. Group 3: Industry Responsibility - New car manufacturers need to abandon the pursuit of a "zero recall" image and embrace the responsibility of normalizing recalls, similar to established European and American car manufacturers. Recalls should be viewed as a new starting point for reducing safety hazards rather than a blemish on the brand [2].

Core Viewpoint - The record of "zero recalls" among new car manufacturers has been broken, with Li Auto announcing a recall of 11,411 units of the Li MEGA 2024 model due to safety hazards related to insufficient coolant corrosion resistance [1][2]. Group 1: Recall Trends - In 2024, there were 233 automotive recalls in China, involving 11.237 million vehicles, a year-on-year increase of 67% [1]. - Among these, 89 recalls involved new energy vehicles, affecting 4.491 million units, marking a significant year-on-year increase of 180.1% [1]. - Prior to this, new car manufacturers had maintained a "zero recall" record, which was more about avoiding brand damage than the absence of defects [1]. Group 2: Regulatory Changes - The tightening of regulations and the increase in vehicle sales have made "invisible handling" of defects increasingly untenable [1]. - A joint draft notification by the State Administration for Market Regulation and the Ministry of Industry and Information Technology emphasizes the need for strict OTA upgrade management and prohibits the concealment of defects through unverified software updates [1]. Group 3: Industry Response - Following Li Auto's recall, other new car manufacturers like Xiaomi and XPeng have also initiated recalls, indicating a shift towards normalizing recalls in the industry [2]. - Xiaomi recalled 116,900 units of the SU7 standard version due to safety issues with the assisted driving function, while XPeng recalled 47,490 units of the P7+ due to potential safety hazards from faulty sensor wiring [2]. - The industry is encouraged to abandon the pursuit of a "zero recall" image and instead embrace the responsibility of regular recalls as a means to enhance consumer trust [2].

Core Insights - The record of "zero recalls" among new car manufacturers has been broken, with Li Auto announcing a recall of 11,411 units of the Li MEGA 2024 model due to insufficient coolant corrosion resistance, posing safety risks [1] - In 2024, China implemented 233 vehicle recalls involving 11.237 million vehicles, a 67% year-on-year increase, with 89 recalls for new energy vehicles affecting 4.491 million units, marking a 180.1% increase [1] - The shift towards recalls among new car manufacturers indicates a move away from "invisible handling" of defects, driven by stricter regulations and increasing sales [1] Industry Trends - The trend of collective recalls among new car manufacturers is emerging, as seen with Xiaomi recalling 116,900 units of the SU7 standard version and XPeng recalling 47,490 units of the P7+ due to safety concerns [2] - New car manufacturers are encouraged to abandon the pursuit of a "zero recall" image and adopt a more transparent approach to recalls, similar to established European and American car companies [2] - Emphasizing recalls as a new starting point for reducing safety risks can help build long-term consumer trust, especially as market dynamics change [2]