Li Auto Inc (NASDAQ:LI) announced Monday that it delivered 33,181 vehicles in November 2025, pushing its cumulative total to 1,495,969 units as of November 30.
- LI shares are experiencing downward pressure. See what is driving the movement here.
The quarterly deliveries dipped 31.9% year-over-year.
The electric vehicle company said it is preparing to elevate the monthly production capacity of the Li i6 to 20,000 units by early next year and will roll out OTA 8.1 in early December.
Li Auto is prioritizing organizational upgrades, a stronger product lineup, and new technologies as it drives its next decade of competitiveness and accelerates the evolution of its vehicles into what it calls "embodied intelligence."
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Peers Nio And Xpeng
Meanwhile, rival NIO Inc (NYSE:NIO) reported strong November 2025 results, delivering 36,275 vehicles, marking a 76.3% Y/Y growth.
The total included 18,393 NIO premium EVs, 11,794 ONVO family models, and 6,088 FIREFLY high-end compact EVs, bringing cumulative deliveries to 949,457 as of November end.
XPeng Inc (NYSE:XPEV) also reported strong November performance, delivering 36,728 smart EVs, up 19% Y/Y.
Cumulative deliveries for January–November 2025 rose 156% to 391,937 units, including 39,773 overseas deliveries, a 95% Y/Y.
XPeng highlighted major 2025 AI Day advancements, including VLA 2.0, Robotaxi, and its Next-Gen IRON humanoid robot, all expected to reach mass production in 2026. Its XNGP assisted-driving technology reached 84% urban usage in November, and XPeng will launch a VLA 2.0 pilot in China later in December.
Li Auto Recent Earnings
Li Auto stock tanked 23% year-to-date, signalling dismal quarterly earnings, intensifying competition and investment concerns over the transition to pure electric vehicles.
Li Auto shares slid last Wednesday after the company reported sharply weaker third-quarter fiscal 2025 results due to falling deliveries, margin pressure, and recall-related costs.
Revenue dropped 36.2% Y/Y to 27.4 billion yuan ($3.80 billion), slightly topping estimates. The quarterly adjusted net earnings swung to a loss of 0.36 yuan per ADS, missing expectations.
Vehicle sales fell 37.4% as deliveries declined 39% to 93,211 units.
The quarterly vehicle margin shrank to 15.5% (or 19.8% excluding recall costs), and gross margin slipped to 16.3%.
Li Auto posted an adjusted operating loss of 912.5 million yuan and an adjusted net loss of 360.3 million yuan, compared with strong profits last year. Free cash flow also turned negative.
CEO Xiang Li pointed to strong demand for the new Li i8 and Li i6 models but acknowledged competitive and supply chain headwinds.
For fourth-quarter fiscal 2025, Li Auto expects revenue of 26.5 billion yuan–29.2 billion yuan and deliveries of 100,000–110,000 units, both signaling steep year-over-year declines amid a tougher EV market.
By the end of November, Li Auto operated 544 retail stores across 157 cities and 556 service centers and authorized body and paint shops in 227 cities.
The company also expanded its charging network to 3,614 supercharging stations with 20,027 stalls across China.
LI Price Action: Li Auto shares were down 1.58% at $18.10 during premarket trading on Friday. The stock is near its 52-week low of $17.59, according to Benzinga Pro data.
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