Core Insights - In January 2026, Li Auto delivered 27,668 new vehicles, bringing the total cumulative deliveries to 1,567,883 vehicles as of January 31, 2026 [2] Group 1: Product and Technology Updates - The company released the OTA 8.2 system update in January, introducing 40 new features and 25 experience optimizations, enhancing driver assistance, smart space, and electric driving experiences [2] - The upgraded VLA driver model significantly improved its understanding of the physical world, making it better at handling complex urban driving conditions [2] - New features such as the pet mode and AI art frame have been well received by users, with many creating and sharing AI pet screensavers [2] Group 2: Sales and Service Network - As of January 31, 2026, Li Auto has established 547 retail centers across 159 cities, along with 547 after-sales service and authorized service centers covering 221 cities [2] - The company has also made progress in its charging network, with 3,966 Li Auto supercharging stations and 21,945 charging piles now in operation nationwide [2]

Group 1: GAC Group Performance - GAC Group reported January 2026 sales of 116,600 vehicles, an increase of 18.47% year-on-year [1][5] - The production for January was 110,800 vehicles, a decrease of 4.77% year-on-year [1][5] - New energy vehicles (NEVs) showed strong performance with a production of 23,700 units, up 42.82% year-on-year, and sales of 26,000 units, a significant increase of 162.90% [1][5] - GAC Aion's sales reached 21,600 units, a year-on-year increase of 171.63% [1][5] - GAC Honda's sales were 4,558 units, down 69.86% year-on-year, while GAC Toyota's sales increased by 9.82% to 62,600 units [1][5] - Wuyang-Honda motorcycles sold 45,200 units, up 15.00% year-on-year [1][5] Group 2: BYD Performance - BYD reported January 2026 sales of 210,100 NEVs, a decrease of 30.11% year-on-year [2][6] - The production for January was 232,400 NEVs, down 29.13% year-on-year [2][6] - Sales of pure electric passenger vehicles were 83,200 units, a decline of 33.60% year-on-year, while plug-in hybrid passenger vehicles sold 122,300 units, down 28.53% [2][6] - The commercial vehicle segment performed well with production and sales of 4,523 and 4,533 units, respectively, representing year-on-year growth of 11.60% and 10.78% [2][6] - NEV exports reached 100,500 units, and the total installed capacity of power batteries and energy storage batteries was approximately 20.187 GWh [2][6] Group 3: Li Auto Performance - Li Auto delivered 27,700 vehicles in January 2026, with a cumulative delivery of 1,567,900 vehicles as of January 31, 2026 [3][7] - The company launched OTA 8.2 system update in January, featuring 40 new functions and 25 experience optimizations [3][7] - Li Auto has 547 retail centers covering 159 cities and 547 after-sales service centers across 221 cities, with 3,966 charging stations and 21,900 charging piles in operation [3][7]

Core Viewpoint - Li Auto announced the delivery of 27,668 new vehicles in January 2026, bringing the total cumulative delivery to 1,567,883 vehicles as of January 31, 2026 [1] Group 1: Vehicle Delivery and Performance - In January 2026, Li Auto delivered 27,668 new vehicles [1] - As of January 31, 2026, the total cumulative delivery reached 1,567,883 vehicles [1] Group 2: Software and Technology Updates - Li Auto pushed an OTA 8.2 system update in January, introducing 40 new features and 25 experience optimizations [1] - The update enhanced capabilities in areas such as assisted driving, smart space, and electric vehicle experience [1] - The upgraded VLA driver model significantly improved its understanding of the physical world, making it more adept at handling complex urban driving conditions [1] Group 3: Infrastructure and Service Network - Li Auto has established 547 retail centers across 159 cities [1] - The company operates 547 after-sales service and authorized service centers, covering 221 cities [1] - Li Auto has deployed 3,966 charging stations nationwide, with a total of 21,945 charging piles [1]

Core Viewpoint - The new energy vehicle companies, including Leap Motor, Li Auto, NIO, and Xpeng, reported their January delivery figures, showing year-on-year growth but a significant decline compared to December due to seasonal market weakness and the expiration of tax incentives [1]. Delivery Performance - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.37% but a month-on-month decrease of 46.94%. The company is accelerating channel development, adding 85 new stores to reach a total of 1,068 nationwide [2]. - Li Auto's January deliveries reached 27,668 vehicles, up 7.55% year-on-year but down 37.47% month-on-month. The company faced production delays due to battery supply issues, affecting the delivery schedule of its i6 and i8 models [3]. - NIO delivered 27,182 vehicles in January, marking a 96.08% year-on-year increase but a 43.53% month-on-month decline. The company highlighted the high margins of its new ES8 model, which is expected to enhance overall sales and profitability [3]. - Xpeng's January deliveries totaled 20,011 vehicles, reflecting a 34.07% year-on-year decline and a 46.65% month-on-month drop. The company launched four new models in January and anticipates strong growth, particularly in overseas markets [5]. Market Insights - The decline in deliveries is attributed to the traditional off-peak season at the beginning of the year and the impact of the end of the vehicle purchase tax exemption, which had previously pulled forward some demand [1]. - Industry experts expect the automotive retail market to gradually recover as local vehicle replacement subsidy policies are implemented and pre-holiday purchasing demand is released [5]. Technological Advancements - Both Li Auto and NIO announced advancements in their smart technology offerings, indicating increased competition in the smart vehicle sector. Li Auto released an OTA update with 40 new features and 25 optimizations, while NIO introduced a new version of its NIO World Model [4].

理想汽車是中國新能源汽車市場的領導者。本公司設計、研發、製造和銷售豪華 智能電動車。理想汽車的使命是「主動積極，改變世界」。通過產品、技術和業務 模式的創新，本公司為家庭用戶提供安全、便捷、舒適的產品與服務。在中國， 理想汽車是成功將增程式電動車商業化的先驅，並在堅持此技術路線的同時打造 純電動平台。本公司運用科技為用戶創造價值，自主研發工作主要集中在其特有 的增程系統，創新的電動汽車技術以及智能汽車解決方案。理想汽車於2019年 11月開始量產。現有車型包括一款家庭科技旗艦MPV、四款理想L系列增程電動 SUV、兩款理想i系列純電動SUV。本公司將持續擴展產品線，進而拓寬用戶群 體。 有關更多資料，請瀏覽： https://ir.lixiang.com 。 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 自願公告 2026年1月交付更新資料 於2026年2月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2026年1月，理想汽車交付新車 27,668輛。截至2026年1月31日，理想汽車歷史累計交付量 ...