Li Auto’s 2025 revenue reached 112.3 billion yuan, and R&D investment hit a record high

This newspaper report (Reporter Zhang Wenxiang)
On March 12, 2026, Beijing Chehejia Information Technology Co., Ltd. (hereinafter referred to as “Li Auto”) announced its Q4 2025 and full-year financial results.
In 2025, the company’s revenue was 112.3 billion yuan, net profit was 1.1 billion yuan, and cash reserves reached 101.2 billion yuan, becoming the only domestic new energy vehicle company to achieve over a trillion yuan in revenue for three consecutive years and profitability for three consecutive years, maintaining a benchmark of financial health in the industry.

2025 was also a critical year for Li Auto’s strategic upgrade from an automotive company to an embodied intelligence enterprise.
From organization to product, from R&D to sales, the company fully restructured for the embodied intelligence era.
Since the fourth quarter, the restructuring has shown significant results, laying a solid foundation for the launch of new products and technological validation in 2026.

Continuous Investment in R&D to Build a Technological Moat

In 2025, Li Auto’s financial condition continued to remain robust.
By the end of 2025, Li Auto’s cash reserves reached 101.2 billion yuan, ranking first among Chinese new energy vehicle companies.
Ample cash reserves also provide a solid guarantee for long-term investment in technology R&D, product innovation, production and supply, supercharging network, and sales service system construction, ensuring the company’s strategic focus in industry competition.

The company’s total R&D investment in 2025 reached 11.3 billion yuan, a new high, with 50% related to AI.
Meanwhile, the company achieved key breakthroughs in core technologies such as self-developed chips, foundational models, and full-line control chassis, with an integrated embodied intelligence technology base fully formed.

In the field of self-developed chips, Li Auto’s Mach 100 chip will be officially mass-produced and installed in vehicles in the second quarter of this year.
As China’s first vehicle-grade chip based on a data stream native architecture, Mach 100 is naturally suited for AI inference computing, achieving higher performance with lower power consumption under the same chip area.
The full-stack self-research of chips, compilers, operating systems, and foundational models enables Li Auto to customize AI computing power from the bottom up, creating a technological barrier that is difficult for competitors to replicate.

In the vertical field of embodied intelligent vehicles, Li Auto insists on concentrating 100% of resources on R&D.
Over the past three years, Li Auto has invested a total of 33 billion yuan in R&D, spending an average of 406.3k yuan every three days, betting on breakthroughs in core embodied intelligence technology.

In 2025, Li Auto, as an embodied intelligence company, restructured its R&D organization around foundational models, software, and hardware.
The organizational restructuring has now been fully completed, greatly improving R&D efficiency.
The foundational model team will provide model capabilities and OTA upgrade iterations for intelligent assisted driving; the software team will focus on mass production delivery and OTA updates, with chip and model R&D working in coordinated design to solve the underlying problem of “mismatch between limbs and brain.”
Relying on the collaboration of chips, compilers, models, and data, the new version of the VLA driver large model’s intelligent assisted driving capability will see a qualitative leap, further strengthening the company’s technological lead.

Meanwhile, Li Auto’s own LiVision AI glasses were launched in December 2025, marking the first validation of the company’s AI technology base migrating to consumer terminals, demonstrating that Li Auto’s embodied intelligence technology base has cross-product reusability.

Pure Electric Acceleration Opens Growth Space

In 2025, Li Auto’s total vehicle deliveries for the year reached 406.3k units;
including 109k units in the fourth quarter, a quarter-on-quarter increase of 17.1%.
The proportion of pure electric models continued to rise, laying a solid foundation for future performance growth.

In 2025, Li Auto’s MEGA completed an intelligent refresh, and two pure electric SUVs, Li Auto i8 and Li Auto i6, were successfully launched.
The two pure electric SUVs accumulated over 100k orders, marking Li Auto’s entry into a new development cycle driven by both extended-range and pure electric power.
Since the fourth quarter of 2025, Li Auto i6 has been fully addressing battery supply capacity bottlenecks, with monthly deliveries continuously increasing.
Despite the Spring Festival holiday in February, it still delivered 16k units, and production capacity is expected to reach 20k units per month in March.
User reputation for Li Auto i8 continues to improve, with user NPS ranking first among medium and large new energy SUVs.

In the second quarter of this year, Li Auto will officially launch the all-new Li Auto L9 and Li Auto L9 Livis, likely sparking a new sales surge in the industry.

It is reported that the Li Auto L9 Livis is a flagship SUV based on the new embodied intelligence logic, with a complete technological reconstruction across perception, decision-making, and execution.
The all-new Li Auto L9 Livis is equipped with two self-developed Mach 100 chips and features the world’s first “full-body” full-line control chassis, including steer-by-wire, four-wheel steering, and the world’s first fully electronic controlled mechanical brake (EMB), achieving a comprehensive evolution from “native human driving” to “co-driving between humans and machines.”
It is the first in the world to be equipped with 800V fully active suspension within a price range of under 600k yuan, delivering top-tier handling and driving pleasure.

Meanwhile, Li Auto’s third-generation self-developed range extender will be launched with the new Li Auto L9.
The new range extender allows users to experience no degradation in NVH (noise, vibration, harshness) in extended-range mode, truly achieving “seamless power generation,” and can operate stably even in sub-zero conditions.
It reduces fuel consumption and extends maintenance intervals, effectively lowering user vehicle costs.

Industry insiders believe that with the official launch of models like Li Auto L9 and Li Auto L9 Livis, Li Auto will fully realize the first three years of technological accumulation, redefining the flagship SUV standards in the embodied intelligence era.
Upholding the new mission of “Proactively changing the world,” the company will continue to create better products and services for users.
The 11.3 billion yuan in R&D investment, 101.2 billion yuan in cash reserves, over 4,000 self-built supercharging stations, and 539 direct-operated stores will form a comprehensive foundation for the company’s return to growth in 2026, supporting Li Auto’s full restructuring from an automotive enterprise to an embodied intelligence enterprise.