Gasgoo Munich- Li Auto released its financial results for the fourth quarter and full year of 2025 on March 12.
Data shows Li Auto delivered 109,000 new vehicles in the fourth quarter of 2025, up 17.1% from the previous quarter, with the share of pure-electric models continuing to rise. Quarterly revenue climbed 5.2% to 28.8 billion yuan. For the full year, revenue hit 112.3 billion yuan, keeping the company at the forefront of the industry.
Image source: Screenshot from Li Auto financial report
Even during a period of heavy strategic investment, Li Auto maintained profitability. Full-year net profit stood at 1.1 billion yuan, making it the only domestic startup to exceed 100 billion yuan in revenue and turn a profit for three consecutive years.
By the end of 2025, Li Auto's cash reserves had swelled to 101.2 billion yuan — the highest among Chinese new energy vehicle makers. That substantial war chest provides a solid foundation for long-term spending on R&D, product innovation, production capacity, ultra-fast charging networks, and sales services, ensuring the company stays the course amid fierce industry competition.
Building on this financial strength, Li Auto doubled down on core technologies. R&D spending hit 3 billion yuan in the fourth quarter and reached a record 11.3 billion yuan for the full year — averaging nearly 1 billion yuan a month. Half of that went into AI, yielding key breakthroughs in in-house chips, foundation models, and full line-control chassis. The company's integrated software-hardware foundation for embodied intelligence is now fully formed. Over the past three years, cumulative R&D investment has totaled 33 billion yuan.
The new-generation Li Auto L9 is set to launch in the second quarter, debuting the in-house Mach 100 chip, the world's first mass-produced full line-control chassis, and an 800V fully active suspension system. It marks the first full realization of three years of tech investment, promising a generational leap in product capability.
Production bottlenecks for the Li Auto i6 have been resolved, with monthly capacity set to reach 20,000 units in March as the share of pure-electric models rises. With the dual-pronged strategy of range extenders and pure electrics now firmly established, the company is poised to enter a new growth cycle in 2026.
