公司表示，理想汽车车辆销售收入较2025年第二季度减少主要由于车辆交付量的减少，但部分被因不同产品组合导致的平均售价上涨所抵销。 造车新势力上市公司第三季度财报陆续出炉。11月26日，理想汽车（纳斯达克：LI；香港联交所：02015）公布截至2025年9月30日止季度的未经审计财务 业绩，多项核心数据出现下滑。 交付与营收双降 时隔11个季度再现亏损 今年第三季度，理想汽车总交付量为93211辆，同比减少39.0%；车辆销售收入为259亿元（36亿美元），较2024年第三季度的413亿元减少37.4%，较2025 年第二季度的289亿元减少10.4%。 盈利端则大幅转亏，公司第三季度的净亏损为6.244亿元（8770万美元），而2024年第三季度及2025年第二季度的净利润分别为28亿元及11亿元。 读创财经注意到，理想汽车自2022年第四季度以来，已连续11个季度盈利，如今又迎来亏损。 | | | 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 | | ...

每经编辑｜金冥羽 张锦河 11月26日，理想汽车发布三季度财报。 2025年第三季度，理想汽车营收274亿元，同比减少36.2%，环比减少9.5%。第三季度毛利为45亿元，同比下降51.6%，环比下降26.3%。净亏损6.24亿 元，去年同期盈利28亿元，由盈转亏。 理想汽车于10月31日宣布召回11411辆MEGA，将更换冷却液、动力电池等部件，主要因冷却液防腐性能不足可能导致动力电池热失控风险。 理想汽车董事长兼首席执行官李想表示：第三季度，理想汽车纯电车型展现出强劲势头，印证了我们领先的产品定义能力和坚实的产品力。理想i8和理想 i6的订单总数已超10万。在AI领域，我们的VLA司机大模型采用世界模型与强化学习，10月VLA月度使用率达到91%，用户渗透率已达行业领先水平。凭 借以用户为中心的产品理念与扎实的研发能力，我们对实现本公司的长期愿景与战略目标充满信心。 市场方面，截至发稿，理想汽车美股盘前下跌1.75%。 （声明：文章内容和数据仅供参考，不构成投资建议。投资者据此操作，风险自担。） | | | 截至以下日期止三個月 | | 百分比變動。 | | | --- | --- | --- | --- ...

Core Insights - Li Auto reported a revenue of 27.4 billion yuan for Q3 2025, leading among new energy vehicle companies, with a total revenue of 83.5 billion yuan for the first three quarters of the year [1] - The company maintains high R&D investment, with Q3 R&D expenses reaching 3 billion yuan and an expected annual total of 12 billion yuan, particularly focusing on AI with over 6 billion yuan allocated for the year [1] - Li Auto's cash reserves remain robust at 98.9 billion yuan, providing ample resources for product innovation and business expansion in a competitive environment [1] Organizational Changes - In 2025, Li Auto underwent significant organizational restructuring, shifting from a professional manager model back to a founder-led system to enhance strategic focus and market responsiveness [2][4] - The restructuring includes integrating sales and service under a single leadership, improving operational efficiency, and centralizing talent management and product strategy under founder Li Xiang [2][4] Product Strategy - Li Auto aims to achieve success in the pure electric vehicle market while maintaining its range-extended vehicle strategy, with the launch of the MEGA Home family edition and upcoming electric SUVs i6 and i8 showing promising market reception [4][6] - The company plans to streamline its product offerings by reducing SKU numbers and enhancing the competitiveness of its new products, expected to surpass the capabilities of the 2022 models [6] Supply Chain and Innovation - Li Auto is building a robust supply chain ecosystem, connecting nearly a thousand partners to enhance efficiency in R&D, manufacturing, and supply [8] - The VLA driver model has significantly improved user experience, with a tripling of daily active users and a substantial increase in driving mileage since its full rollout [9] Future Developments - The upcoming VLA charging feature will enhance user convenience by autonomously navigating to charging stations and facilitating seamless payment, with plans to cover over 2,900 charging stations by March 2026 [11] - Li Auto's strategic upgrades and technological advancements position it to achieve its vision of becoming a global leader in embodied intelligence within the automotive industry [11]

Core Viewpoint - The article highlights the significant achievements of the Chinese automotive industry over the past decade, particularly focusing on the growth and innovation of Li Auto, which has become a benchmark in the high-end electric vehicle market in China, achieving substantial sales and revenue milestones [13][14]. Group 1: Company Achievements - Li Auto was founded in 2015 and has established intelligent manufacturing bases in Changzhou and Beijing, becoming the first new force car company in China to achieve an annual sales volume of 500,000 vehicles and over 100 billion yuan in revenue for two consecutive years [13][14]. - In 2024, Li Auto celebrated the production of its one-millionth vehicle, achieving this milestone in just 58 months, and is actively contributing to Changzhou's goal of becoming "China's New Energy Capital" with an expected industry scale of 850 billion yuan [14]. - The company has committed over 6 billion yuan to artificial intelligence (AI) development this year, launching the VLA driver model and "Li Auto Classmate" AI, marking its entry into a new phase of AI-driven development [15]. Group 2: Technological Innovation - Li Auto has focused on core technology research and development, transitioning from external procurement to joint development and self-research, achieving self-control of the industrial chain and product leadership [18]. - The company collaborates with partners and research institutions to create joint innovation platforms, enhancing technological advancements in areas such as laser radar and smart driving chips [18]. - Li Auto's self-developed "Li Star Ring OS" has been fully open-sourced, with partnerships established with 16 industry chain partners to promote collaborative development and innovation [18]. Group 3: Supply Chain and Ecosystem - Li Auto has built a supply chain system characterized by "excellent growth, intelligent innovation, and green health," with annual procurement growing from billions to trillions in just three years [16]. - The company has established a localized industrial ecosystem, with 80% of its suppliers located in the Yangtze River Delta region, fostering a collaborative environment that enhances value creation [17]. - Li Auto's "Li Chain" ecosystem promotes shared resources and collaborative growth among nearly a thousand partners, contributing to high-quality development [16][17]. Group 4: Future Outlook - Looking ahead, Li Auto aims to solidify its innovation foundation and drive high-quality industrial development through technological advancements, while also enhancing user experience with safer and more convenient products [19].

Core Insights - The Chinese automotive industry has achieved significant advancements over the past decade, particularly in the field of new energy vehicles (NEVs), which have become a vital component for high-quality development [1] - Li Auto, established in 2015, has emerged as a leading mid-to-high-end NEV brand in China, achieving annual sales of 500,000 vehicles and over 100 billion yuan in revenue for two consecutive years [1][2] - The company is committed to innovation and has developed a robust supply chain ecosystem, known as "Li Chain," which integrates nearly a thousand partners to enhance collaborative growth [4][5] Industry Development - The NEV sector in China is projected to exceed 12 million units in annual production and sales by 2024, with Li Auto reaching its milestone of 1 million vehicles produced in just 58 months [2] - Li Auto is actively contributing to the development of Changzhou as "China's New Energy Capital," aiming for the local NEV industry to surpass 850 billion yuan in scale by 2024 [2] Technological Innovation - During the 14th Five-Year Plan period, Li Auto has focused on becoming a global leader in artificial intelligence (AI) and plans to invest over 6 billion yuan in AI development this year [3] - The company has launched the VLA driver model and "Li Xiang Classmate" AI system, marking its entry into a new phase of AI-driven development [3] Supply Chain and Ecosystem - Li Auto has established a supply chain system characterized by "excellent growth, intelligent innovation, and green health," with procurement amounts growing from billions to trillions in just three years [4][5] - The "Li Chain" ecosystem promotes localized industrial collaboration, with 80% of suppliers located in the Yangtze River Delta region, and 50% concentrated in Jiangsu [5] Talent Development - Li Auto has partnered with over a hundred universities to cultivate more than 5,000 high-end industry talents through initiatives like the "Li Xiang+" talent program [6] Future Outlook - The company aims to leverage technological innovation to drive high-quality industry development and enhance user experiences in green and smart mobility [8]

11月20日，在由南方财经全媒体集团指导、21世纪经济报道主办的2025新汽车年度盛典上，理想汽车产 品部高级副总裁范皓宇在分享VLA大模型时指出： "VLA司机大模型采用融合强化学习与训练闭环体系的全新架构，可以说是找到了一个辅助驾驶迭代的 新范式，具备空间理解、思维、沟通、记忆和自主学习能力。比如，VLA司机大模型会通过车机屏幕 上的CoT思维链，告诉用户它的各种决策，以及决策背后的逻辑，所以会大大增加用户的安心感。同 时，用户可以通过语音控制辅助驾驶，从用户体验角度来说是颠覆性的改变。这种交互模式是我们聚焦 用户价值的体现，我们认为当下需要通过这种可视化、可沟通的方式，让用户更加信任辅助驾驶。" （视频编辑：许婷婷，实习生余艾憧） 0:00 21世纪经济报道记者何煦阳 报道 ...

Core Insights - The 23rd Guangzhou International Auto Show opened on November 21, showcasing Li Auto's latest models including Li MEGA, i series, and L series, along with advancements in assisted driving technology [1] - Li Auto plans to push innovative VLA charging and defensive AES automatic emergency steering features to the AD Max model, and intends to introduce urban NOA functionality to the upgraded AD Pro model [1] Group 1: VLA Driver Model - The VLA driver model, launched in August 2025, enhances user experience across six dimensions: route selection, speed preference, comfort, sense of security, communication ability, and traffic efficiency [3] - As of now, the VLA driver model has accumulated over 312 million kilometers of driving distance, with a penetration rate increase of 2.2 times and daily active usage rising threefold, indicating its integration into users' daily lives [3] Group 2: VLA Charging Functionality - The VLA driver model's spatial understanding capabilities allow it to autonomously navigate unfamiliar parking lots, remembering key locations and user preferences for parking spots [5] - The VLA charging feature, set to cover over 1,400 Li Auto supercharging stations by January 2026, enables vehicles to autonomously enter and exit charging stations, find available charging spots, and complete payments without a password [5][6] Group 3: Active Safety Features - Li Auto's active safety features have reportedly helped users avoid potential collision incidents 11.31 million times and extreme accidents over 14,000 times as of November 20, 2025 [5] - The defensive AES automatic emergency steering function, which helps users avoid passive collisions, is also set to be fully pushed to AD Max users [6] Group 4: Future Upgrades and Innovations - Future OTA upgrades will enhance Li Auto's smart space and electric platform, introducing new features such as personalized screensavers, pet modes, and improved charging planning [7] - Li Auto is committed to building a full-stack self-research capability around core technologies in artificial intelligence, aiming to become a global leader in AI terminal products [8]

2025年8月，理想汽车率先发布VLA司机大模型，并于9月向AD Max用户全量推送。VLA司机大模型围 绕路线选择、速度偏好、舒适度、安心感、沟通能力、通行效率六个维度，全面提升用户体验。截至目 前，VLA司机大模型行驶里程超过3.12亿公里，里程渗透率提高2.2倍，每日活跃度提升3倍，意味着理 想辅助驾驶已经成为用户生活的一部分。未来，VLA司机大模型将在强化学习的驱动下持续进化，为 用户带来更安全、更舒适、更便捷的体验。 转自：北京日报客户端 2025年11月21日，理想汽车携理想MEGA、理想i系列、理想L系列亮相2025年广州国际汽车展览会，分 享辅助驾驶最新进展与规划。理想汽车计划向AD Max车型推送创新的VLA充电和防御性AES自动紧急 转向功能，并计划向智能焕新版AD Pro车型推送城市NOA功能，推动前沿技术普惠更多用户。 理想汽车产品部高级副总裁范皓宇表示："理想VLA司机大模型在推送后通过强化学习持续进步，行车 体验不断优化，并基于其强大的空间理解能力为用户带来了更优质的泊车和充电体验。全新的VLA充 电功能，让车辆可以自主驶入、驶出超充站，打通了找站充电的'最后100米'，这也是我们 ...

本次展示亮点集中在VLA司机大模型的能力拓展。该模型于2025年8月发布、9月全量推送给AD Max用 户后，截至目前已累计行驶里程超3.12亿公里。 基于这一模型的空间理解与车桩站云体系化能力，理想汽车推出VLA充电功能，可实现车辆自主驶入 超充站、自动寻找空闲充电桩、完成辅助泊车与免密支付，最终自主驶离，打通充电"最后100米"。该 功能计划2026年1月覆盖首批超1400座理想超充站，3月覆盖量将突破2900座。 11月21日，带来全系产品的理想汽车，在广州车展上公布辅助驾驶技术最新进展及OTA升级规划，推出 VLA充电、防御性AES自动紧急转向等创新功能，同时推动城市NOA功能下放，试图通过技术普惠巩 固市场地位。 据悉，理想汽车正围绕自研芯片、智能操作系统、辅助驾驶等核心领域构建全栈自研能力，目标迈向全 球领先的人工智能终端企业。 值得注意的是，在技术密集发布的同时，理想汽车正面临市场竞争压力。在本届广州车展上，华为鸿蒙 智行、零跑等品牌纷纷展示更高算力的智能驾驶硬件与更长续航的增程产品，行业竞争已从"有无之 争"转向"强弱对决"，理想汽车的技术落地效果与市场反馈仍待观察。 理想汽车还宣布后续OTA ...

Core Insights - Li Auto's first pure electric SUV, the Li Auto i8, was awarded the "Annual AI Car" title at the 2025 New Automotive Annual Ceremony, highlighting its innovative features and advancements in AI technology [1] - The company emphasizes its identity as an ecosystem company, similar to Apple and Huawei, focusing on smart driving and smart cockpit as key AI products [3] Group 1: AI Technology and User Experience - The VLA driver model, launched on September 10, has seen a doubling in mileage penetration and user activity since its full rollout, with over 510,000 trial users and a satisfaction rate exceeding 98% [3] - The VLA driver model integrates reinforcement learning and a closed-loop training system, enhancing user experience across six dimensions: route selection, speed, comfort, safety, communication, and efficiency [3] - The interactive mode of the VLA model allows users to understand decision-making processes through visual and communicative means, significantly increasing user trust in assisted driving [4] Group 2: Safety and Innovation - Li Auto has reported that its AEB system has helped avoid approximately 2.418 million potential collisions and nearly 2 million nighttime incidents, emphasizing the company's commitment to safety [4][5] - The company prioritizes safety in its technology development, ensuring that all features are reliable and high-quality before enhancing capabilities, which includes standardizing laser radar across all products [5]