Source: Li Auto

Li Auto reported 33,181 vehicle deliveries in November 2025, a year-over-year decline of 31.92% compared with 48,740 units in November 2024. The company has now recorded six consecutive months of declining deliveries as competition in China’s electric vehicle market intensifies.

The company’s cumulative deliveries reached 1.496 million units as of November 30, 2025. Once the earliest profitable manufacturer among China’s new EV startups and a consistent leader in monthly volumes, Li Auto has seen its market position weaken as new entrants scale production and lower prices.

Source: Li Auto

The downturn began in June 2025, when deliveries fell to 36,300 units, down 24.1% from 47,800 units in June 2024. July deliveries dropped to 30,731 units, down 40% year over year and 15.3% month over month. In August, deliveries fell to 28,529 units, a 40.7% decline from 48,122 units a year earlier and a 7.1% month-over-month decrease. September deliveries reached 33,951 units, down 36.8% from 53,709 units a year earlier. October deliveries fell to 31,767 units, a 38.2% year-over-year decline from 51,443 units in October 2024.

In contrast to Li Auto’s slowdown, several competitors posted their strongest performance of the year. HIMA, part of the Huawei alliance, reported 81,864 deliveries in November, a record monthly volume for the brand. Leapmotor posted 70,327 units, exceeding 70,000 units for the second time. Xiaomi Auto surpassed 40,000 units. These results shifted the ranking among China’s new energy vehicle companies, placing Li Auto behind several brands it previously outperformed consistently.

The weaker delivery performance coincides with declining quarterly financial indicators. In the third quarter of 2025, Li Auto recorded revenue of 27.4 billion and a net loss of 624 million, reversing a net profit of 2.8 billion in the same quarter of 2024. In its guidance for the fourth quarter of 2025, the company projected deliveries of 100,000 to 110,000 units, representing a year-over-year decline of 37.0% to 30.7%, with revenue expected to fall 40.1% to 34.2%.

During its earnings call, Chief Executive Li Xiang said the company would abandon the professional-manager governance structure adopted over the past three years and return to a startup-oriented management model. He said the shift would guide Li Auto’s strategy for its second decade and expressed a goal of becoming the sector’s leading company in embodied intelligence within five years.

The company’s recent product cadence includes the launch of the Li Auto i6, which attracted high showroom traffic and record order volumes, according to the company. However, deliveries in September, October, and November showed limited month-to-month variation, with September marking the highest level. Production constraints reportedly have prevented faster delivery fulfillment, which could have reduced order conversions for other Li Auto models.

As more automakers accelerate development of extended-range models while reducing vehicle prices, Li Auto faces increasing pressure from a broader range of brands. With competitors expanding output and adding models at lower price points, the company enters the final month of the year with a compressed delivery base and growing questions about its ability to recover momentum in 2026.