Li Auto (LI) Q2 FY26 earnings call

Li Auto navigated intense market competition and a complete product refresh in Q2 FY26, maintaining its leadership in the RMB 200,000+ NEV segment with a balanced eREV and BEV sales mix. Despite year-over-year revenue and margin declines due to product mix shifts and commodity cost pressures, the company provided strong Q3 guidance and saw operating cash flow nearly turn positive. Strategic investments in in-house technology, including batteries and chips, are central to its long-term competitive moat and margin stabilization efforts, alongside aggressive new model launches and overseas expans