Li Auto Deliveries Fall 37% in September, Missing Estimates
Chinese EV maker's deliveries declined sharply year-over-year, signaling persistent headwinds despite meeting its overall Q3 guidance.
Li Auto Inc. (NASDAQ: LI) shares faced pressure after the company announced its September 2025 delivery figures, which fell short of analyst expectations and marked a significant year-over-year decline. The Chinese electric vehicle manufacturer delivered 33,951 vehicles in September, a steep 36.8% drop compared to the 53,709 vehicles delivered in the same month a year prior.
The result was slightly below the approximately at institutions like Deutsche Bank, raising concerns about weakening demand in the competitive Chinese EV market. This miss signals persistent headwinds for the automaker as it navigates a challenging economic environment and intense competition despite the recent launch of new models.
However, the September figures brought Li Auto's total third-quarter deliveries to 93,211 vehicles. This quarterly performance of 90,000 to 95,000 vehicles, providing a silver lining for investors. The ability to meet its quarterly target suggests that while monthly performance is volatile, the company's broader operational forecast remains on track for now.
Much of the recent bearish sentiment surrounding Li Auto stems from its second-quarter earnings report in August, where it missed revenue forecasts and provided a disappointing outlook for the third quarter. The consensus analyst rating for the stock was a "Hold" leading into the September report, reflecting caution after the previous quarter's performance.
Investors will now be closely watching the sales momentum of the newly launched Li i6 SUV, a model the company hopes will reinvigorate growth. The vehicle's market reception will be critical in determining if Li Auto can reverse the negative delivery trend and regain its footing against domestic rivals in the final quarter of the year. The market's reaction underscores the pressure on EV makers to not only innovate but also maintain consistent delivery growth to support their valuations.