Li Auto (LI) Gross Margin (2020 - 2026)
Li Auto (LI) posted quarterly Gross Margin of 7.87% for Q1 2026, down 1265.0% year-over-year from 0.68% in Q1 2025, and down 55.88% on a QoQ basis from 17.83% in Q4 2025.
Li Auto (LI) Gross Margin (2020 - 2026) Analysis & Trends
Li Auto (LI) has reported Gross Margin for 7 consecutive years, with 7.87% the latest figure, recorded in Q1 2026.
- In Q1 2026, Gross Margin fell 1265.0% year-over-year to 7.87%; the TTM figure through Mar 2026 stood at 15.93% (down 460.0% YoY), while the FY2025 annual figure was 18.68%, down 184.0% from the prior year.
- Gross Margin came in at 7.87% for Q1 2026 at Li Auto, down from 17.83% in the prior quarter.
- The five-year high for Gross Margin was 23.45% in Q4 2023, with the low at 7.87% in Q1 2026.
- Average Gross Margin over 5 years is 19.36%, with a median of 20.39% recorded in 2023.
- Across the five-year window, Gross Margin soared 939 bps in 2023 and plunged 1265 bps in 2026, its largest moves.
- Year by year, Gross Margin stood at 20.21% in 2022, then advanced by 16 bps to 23.45% in 2023, then declined by 14 bps to 20.26% in 2024, then dropped by 12 bps to 17.83% in 2025, then sank by 56 bps to 7.87% in 2026.
- According to Business Quant data, Gross Margin over the past three periods registered 7.87%, 17.83%, and 16.33% for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Tesla | 1,375.42 Bn | 1,330.73 Bn | 4.72 Bn | 21.08% |
| 2 | Ford Motor | 78.30 Bn | 47.85 Bn | 7.94 Bn | 18.36% |
| 3 | General Motors | 68.82 Bn | 46.43 Bn | 4.32 Bn | 10.98% |
| 4 | Xpeng | 40.80 Bn | 38.26 Bn | 388.90 Mn | 20.58% |
| 5 | Rivian Automotive | 21.46 Bn | 16.65 Bn | 119.00 Mn | 8.62% |
| 6 | Li Auto | 12.40 Bn | -965.30 Mn | 262.11 Mn | 7.87% |
| 7 | Nio | 12.31 Bn | 9.20 Bn | 704.43 Mn | 19.03% |
| 8 | VinFast Auto | 7.23 Bn | 91,500.01 Bn | -17,004.89 Bn | -73.58% |
| 9 | Lucid | 2.18 Bn | 1.48 Bn | -311.71 Mn | -110.35% |
| 10 | China Yuchai International | 1.74 Bn | 678.93 Mn | 317.01 Mn | 18.91% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 7.87% |
| Dec 31, 2025 | 17.83% |
| Sep 30, 2025 | 16.33% |
| Jun 30, 2025 | 20.06% |
| Mar 31, 2025 | 20.51% |
| Dec 31, 2024 | 20.26% |
| Sep 30, 2024 | 21.52% |
| Jun 30, 2024 | 19.50% |
| Mar 31, 2024 | 20.61% |
| Dec 31, 2023 | 23.45% |
| Sep 30, 2023 | 22.04% |
| Jun 30, 2023 | 21.76% |
| Mar 31, 2023 | 20.39% |
| Dec 31, 2022 | 20.21% |
| Sep 30, 2022 | 12.65% |
| Jun 30, 2022 | 21.51% |
| Mar 31, 2022 | 22.63% |
| Dec 31, 2021 | 22.41% |
| Sep 30, 2021 | 23.30% |
| Jun 30, 2021 | 18.91% |