Li Auto (LI) Research & Development (2020 - 2025)
Li Auto (LI) posted Research & Development of -$431.4 million for Q4 2025, down 3.25% on a QoQ basis from -$417.8 million in Q3 2025, and down 30.74% year-over-year from -$622.8 million in Q4 2024.
Li Auto (LI) has 6 years of Research & Development data on file, last reported at -$431.4 million in Q4 2025.
- In Q4 2025, Research & Development fell 30.74% year-over-year to -$431.4 million; the TTM figure through Dec 2025 stood at -$1.6 billion (down 3.28% YoY), while the FY2025 annual figure was $1.6 billion, up 6.68% from the prior year.
- Research & Development retreated to -$431.4 million in Q4 2025, from -$417.8 million in the prior quarter.
- Across five years, Research & Development topped out at -$78.5 million in Q1 2021 and bottomed at -$491.7 million in Q4 2023.
- A 5-year average of -$305.9 million and a median of -$332.2 million in 2023 frame the typical range for Research & Development.
- Annual changes were most pronounced in 2021 — Research & Development tumbled 436.56% — and 2024, when it jumped 32.9%.
- Year by year, Research & Development stood at -$193.0 million in 2021, then tumbled by 55.5% to -$300.1 million in 2022, then sank by 63.83% to -$491.7 million in 2023, then jumped by 32.9% to -$329.9 million in 2024, then tumbled by 30.74% to -$431.4 million in 2025.
- The last three Research & Development figures came in at -$431.4 million (Q4 2025), -$417.8 million (Q3 2025), and -$392.3 million (Q2 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Tesla | 1,345.47 Bn | 1,300.79 Bn | 4.72 Bn | 1.95 Bn |
| 2 | General Motors | 75.49 Bn | 53.10 Bn | 4.32 Bn | - |
| 3 | Ferrari | 72.44 Bn | 70.64 Bn | - | - |
| 4 | Ford Motor | 66.63 Bn | 36.17 Bn | 7.94 Bn | - |
| 5 | Stellantis | 29.57 Bn | -7.31 Bn | 5.19 Bn | 1.69 Bn |
| 6 | Rivian Automotive | 21.06 Bn | 16.25 Bn | 119.00 Mn | 458.00 Mn |
| 7 | China Yuchai International | 16.90 Bn | 15.88 Bn | 317.01 Mn | -124.48 Mn |
| 8 | VinFast Auto | 8.12 Bn | 11.12 Bn | - | - |
| 9 | Xpeng | 4.61 Bn | 1.71 Bn | - | - |
| 10 | Li Auto | 4.13 Bn | -4.66 Bn | 733.67 Mn | -431.37 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -431.37 Mn |
| Sep 30, 2025 | -417.80 Mn |
| Jun 30, 2025 | -392.29 Mn |
| Mar 31, 2025 | -346.42 Mn |
| Dec 31, 2024 | -329.94 Mn |
| Sep 30, 2024 | -368.58 Mn |
| Jun 30, 2024 | -416.61 Mn |
| Mar 31, 2024 | -422.27 Mn |
| Dec 31, 2023 | -491.70 Mn |
| Sep 30, 2023 | -386.13 Mn |
| Jun 30, 2023 | -334.51 Mn |
| Mar 31, 2023 | -269.72 Mn |
| Dec 31, 2022 | -300.14 Mn |
| Sep 30, 2022 | -253.65 Mn |
| Jun 30, 2022 | -228.67 Mn |
| Mar 31, 2022 | -216.74 Mn |
| Dec 31, 2021 | -193.01 Mn |
| Sep 30, 2021 | -137.89 Mn |
| Jun 30, 2021 | -101.21 Mn |
| Mar 31, 2021 | -78.53 Mn |
| Dec 31, 2020 | 57.35 Mn |
| Sep 30, 2020 | 49.27 Mn |
| Jun 30, 2020 | -28.43 Mn |
| Mar 31, 2020 | -27.18 Mn |