Li Auto makes a sudden stop! Deliveries in February this year increased by only 158 units year-on-year

On March 1st, Li Auto announced its delivery data for February 2026. In February 2026, Li Auto delivered 26,421 new vehicles. As of February 28, 2026, Li Auto’s total cumulative deliveries reached 1,594,304 units.

Notably, Li Auto delivered 27,668 vehicles in January 2026, a 4.5% decrease compared to February this year. Compared to February 2025, when Li Auto delivered 26,263 vehicles, this February saw only a slight increase of 158 units, a 0.6% year-over-year growth. In contrast, February 2025’s delivery volume grew by 29.7% year-over-year compared to the same period in 2024, indicating that Li Auto’s February sales this year are nearly stagnant.

Looking back at 2025, based on the annual reports from new power vehicle companies, Li Auto’s sales significantly declined and performed weakly.

According to data released by Li Auto on January 1, 2026, in December 2025, Li Auto delivered 44,246 new vehicles. In the fourth quarter of 2025, deliveries totaled 109,194 units. As of December 31, 2025, Li Auto’s total cumulative deliveries reached 1,540,215 units, making it the first domestic new power brand to reach the 1.5 million milestone.

Cai Chuang Finance notes that Li Auto’s total deliveries for 2025 were 406,300 units, an 18.8% decrease year-over-year. Its achievement of 58.05% of the initial 700,000-unit target and only 63.5% of the revised 640,000-unit annual goal reflects a significant shortfall.

NIO sold 326,000 vehicles in 2025, a 46.9% increase; Xpeng delivered 429,400 vehicles, up 125.94% year-over-year.

Li Auto previously led sales among new power vehicle startups in 2024 with over 500,000 units sold. However, it has now become the only among the “Wei-Xiao-Li” trio to see a year-over-year decline, falling out of the top three in sales among new entrants. Leading the list are Zeekr, Hongmeng Smart Travel, and Leap Motor, followed by Xpeng.

According to Li Auto’s unaudited financial results for Q3 2025, the company achieved revenue of 27.4 billion yuan, down from 42.87 billion yuan in the same period last year; gross profit was 4.5 billion yuan, compared to 9.2 billion yuan last year, a 51.6% decline; gross margin was 16.3%, down from 21.5% in the same quarter last year.

Financial data shows that Li Auto’s net loss in Q3 2025 was 624.4 million yuan, whereas net profits in Q3 2024 and Q2 2025 were 2.8 billion yuan and 1.1 billion yuan, respectively.

Regarding the current competitive landscape, Li Auto Chairman and CEO Li Xiang reflected on the management model. After three years of employing a professional management approach, Li Auto will revert to an entrepreneurial management style.

It is reported that the OTA version 8.3 system for Li Auto was officially rolled out before the Spring Festival. The VLA driver large model, intelligent cockpit, and smart electric systems have evolved simultaneously, further enhancing user experience. During the Spring Festival, over 4,000 Li Auto supercharging stations nationwide provided more than 1.45 million charging sessions, with total energy exceeding 42 million kWh.

Li Auto announced that the all-new Li Auto L9 and its ultimate version, Li Auto L9 Livis, will be officially launched in the second quarter. The mission of this new Li Auto L9 is not to compete in a parameter race within a homogeneous market but to pioneer a flagship SUV that defines the era of embodied intelligence—giving cars eyes, a brain, a heart, and a body.

As of February 28, 2026, Li Auto has 539 retail centers across 160 cities nationwide; 548 after-sales and authorized service centers covering 223 cities. The company has deployed 4,054 Li Auto supercharging stations with 22,447 charging piles nationwide.

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Editor: Wu Yiyi | Chief Editor: Li Gengguang | Proofreader: Liang Ronggao