Li Auto Swings to Q1 Loss; EV Maker Misses Estimates as Deliveries Slow

Li Auto Inc. (LI) swung to a net loss in the first quarter, the Chinese electric-vehicle maker said on May 28, 2026, as pricing pressure and rising costs offset higher revenue. The company reported a loss of $157 million, or 16 cents per share, compared with a profit of $98 million, or 10 cents per share, a year earlier. Analysts had expected a narrow profit. Revenue rose 12% to $5.2 billion, but fell short of the consensus estimate of $5.5 billion. Vehicle deliveries in the quarter ended March 31 dropped 8% from the prior three months to approximately 85,000 units, reflecting intensifying competition in China’s EV market. Gross margin contracted to 18.3% from 22.1% a year ago. The results underscore headwinds for Li Auto as rivals slash prices and economic uncertainty weighs on consumer spending. The company maintained its full-year delivery forecast of 400,000 to 450,000 vehicles. Shares fell 4.2% in premarket trading following the announcement.