Li Auto FY26 H1 turns to net loss of RMB 3.98 billion; revenue falls 13.4% to RMB 48.65 billion

• Li Auto posted revenue of RMB 48.65 billion, down 13.4%, swinging to a net loss of RMB 3.98 billion.
• Gross profit fell 59.2% to RMB 4.64 billion; gross margin narrowed 10.8 percentage points to 9.5% on lower vehicle margin.
• Operating results swung to an operating loss of RMB 5.3 billion from operating income, while R&D expense rose 3.3% to RMB 5.5 billion.
• Vehicle deliveries totaled 193,472; the group cited lower average selling price on a different product mix and fewer deliveries.
• Li Auto ended June with RMB 87.5 billion in cash position; it plans a BEV flagship SUV, the Li i9, for September.

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