Li Auto (LI) Cost of Revenue (2020 - 2025)

Li Auto (LI) has 6 years of Cost of Revenue data on file, last reported at $3.4 billion in Q4 2025.

• In Q4 2025, Cost of Revenue fell 30.09% year-over-year to $3.4 billion; the TTM figure through Dec 2025 stood at $12.8 billion (down 19.72% YoY), while the FY2025 annual figure was $13.1 billion, down 16.97% from the prior year.
• Cost of Revenue improved to $3.4 billion in Q4 2025, from $3.2 billion in the prior quarter.
• Across five years, Cost of Revenue topped out at $4.8 billion in Q4 2024 and bottomed at $451.6 million in Q1 2021.
• A 5-year average of $2.5 billion and a median of $2.8 billion in 2024 frame the typical range for Cost of Revenue.
• Annual changes were most pronounced in 2021 — Cost of Revenue jumped 302.27% — and 2025, when it plunged 32.93%.
• Year by year, Cost of Revenue stood at $1.3 billion in 2021, then surged by 57.91% to $2.0 billion in 2022, then surged by 120.35% to $4.5 billion in 2023, then grew by 7.49% to $4.8 billion in 2024, then plunged by 30.09% to $3.4 billion in 2025.
• The last three Cost of Revenue figures came in at $3.4 billion (Q4 2025), $3.2 billion (Q3 2025), and $3.4 billion (Q2 2025), per Business Quant data.

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