Li Auto Q1 2026: revenue RMB 23 billion, down 11% YoY. Deliveries 95,142 units, up just 2.5%. Gross margin collapsed to 7.9%.
Q2 guidance came in below analyst expectations: 95,000–100,000 deliveries, revenue RMB 24.1–25.4 billion. Management is not raising the bar.
The premium EREV segment is more crowded now. Aito M9 and BYD's flagship lineup are both competing in the same price bracket. The moat that drove Li Auto's 2023–2024 run looks thinner heading into H2.
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