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Li Auto Q2 2026 results include product refresh, buyback and cautious guidance

Aug 26, 2026, 4:34 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Q2 earnings show weaker topline and losses; however, product refreshes and buyback limit downside; in past, BEV cycles with buybacks have capped downside but require visibility on 2H demand.

AI summary

What happened, with direct paths to the underlying reporting

Li Auto posted Q2 2026 revenue RMB25.7B (US$3.8B) on 98,330 deliveries, down 11.5% YoY. Gross margin rose to 11.0% but net loss persisted at RMB1.7B as the company advances a refreshed BEV lineup; management guided Q3 deliveries of 95k-100k and RMB26.6-28.0B revenue. A US$1B buyback and robust cash balance support longer-term value despite near-term headwinds.

Q2 revenue RMB25.7B (US$3.8B); deliveries 98,330, -11.5% YoY.
Vehicle margin 9.4%; gross margin 11.0%; net loss RMB1.7B.
Product refresh: Li L8/L6 launches; Li L8 price RMB369.8k; Li L6 RMB249.8k.
US$1B buyback; repurchased 91.7M Class A shares; cash RMB87.5B.
Guidance: Q3 deliveries 95k-100k; revenue RMB26.6-28.0B.

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