Q1 2026 Li Auto Inc Earnings Call Transcript
Key Points
- Li Auto Inc (LI) achieved a top position in sales among Chinese brands in the new energy vehicle market priced at RMB200,000 and above.
- The launch of the all-new Li L9 has been successful, securing over 10,000 orders within two weeks, indicating strong market demand.
- Li Auto Inc (LI) has successfully deployed its proprietary Maho M100 chip, marking a significant technological milestone.
- The company maintains a strong cash position with a quarter-end balance of RMB94.3 billion, supporting its share repurchase program.
- Li Auto Inc (LI) is advancing its internationalization strategy, with plans to enter Middle East, Central Asia, and Southeast Asia markets.
- Total revenues in the first quarter were down 11.4% year over year and 20.1% quarter on quarter.
- Gross profit in the first quarter decreased by 66% year-over-year and 54.8% quarter-over-quarter.
- The company reported a net loss of RMB2.3 billion in the first quarter, compared to a net income in the same period last year.
- Free cash flow was negative RMB7.4 billion in the first quarter, indicating cash outflow challenges.
- The first-quarter gross margin was significantly impacted, dropping to 7.9% from 20.5% in the same period last year.
Hello, ladies and gentlemen. Thank you for standing by for Li Auto's first-quarter 2026 earnings conference call. (Operator Instructions) Today's conference call is being recorded.
I will now turn the call over to your host, Ms. Janet Zhang, Investor Relations Director of Li Auto. Please go ahead, Janet.
Thank you, operator. Good evening and good morning, everyone. Welcome to Li Auto's first-quarter 2026 earnings conference call. The company's financial and operating results were published in a press release earlier today and were posted on the company's IR website.
On today's call, we will have our Chairman and CEO, Mr. Xiang Li; and our CFO, Mr. Johnny Tie Li, to begin with prepared remarks. Our President, Mr. Donghui Ma; and our CTO, Mr. Yan Xie, will join for the Q&A discussion.
Before we continue, please be reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of
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