Li Auto Inc. (NASDAQ: LI)

Li Auto Inc. is a holding company that conducts its operations through PRC subsidiaries and variable interest entities. The company was founded in April 2015 and is headquartered in Beijing China. Li Auto Inc. designs develops manufactures and sells premium smart electric vehicles that are classified as new energy vehicles. Its mission statement is Be Proactive Change the World which reflects a focus on innovation in product technology and business model. The company's vehicle portfolio includes extended range electric vehicles battery electric vehicles and related smart cockpit features. Li Auto Inc. operates manufacturing bases in Changzhou and Beijing where it produces vehicles using highly automated assembly lines. The firm maintains research and development centers in Beijing Shanghai Munich and Silicon Valley and reported 6041 employees engaged in R&D as of December 2025. In addition Li Auto Inc. has expanded its footprint by exporting models to Uzbekistan Kazakhstan Azerbaijan and Egypt beginning in 2025.

Li Auto Inc. generates the majority of its revenue from the sale of finished vehicles to end customers. The Li L series of extended range electric SUVs contributes the largest share of vehicle sales followed by the Li MEGA multipurpose vehicle and the Li i series of battery electric SUVs. Revenue is recognized when control of the vehicle transfers to the buyer upon delivery. Beyond vehicle sales the company earns income from after sales services which include maintenance repairs warranty work and the sale of spare parts. Li Auto Inc. operates a network of supercharging stations that provide charging services to its vehicle owners and generates revenue from electricity sales and service fees. The firm also offers value added services such as home charging pile installation vehicle service packages insurance agency used car finance and access to the Li Auto Mall platform. These services are billed separately and add to total revenue. In 2025 research and development expenses amounted to RMB11.3 billion representing 10.1 percent of total revenues for the year.

Li Auto Inc. is regarded as a leader in China's new energy vehicle market especially in the extended range electric vehicle segment. The company achieved one million cumulative vehicle deliveries in October 2024 and exceeded 1.5 million cumulative deliveries by the end of 2025 making it the first emerging new energy brand in China to reach these levels. It competes with domestic new energy manufacturers such as BYD NIO XPeng and traditional automakers that have introduced electric models. International competitors including Tesla also operate in the Chinese market. Li Auto Inc. differentiates itself through proprietary technologies such as its extended range powertrain with high thermal efficiency its high performance battery electric platform capable of 5C charging its autonomous driving systems Li AD Max and Li AD Pro its in house developed smart assistant Li Xiang Tong Xue and its vehicle operating system Li Halo OS which is made available for public use. The company's vertical integration strategy includes in house production of range extenders electric drive units and silicon carbide power modules which helps control costs and ensure supply chain stability. Strong brand recognition and a growing network of retail stores and supercharging stations further support its competitive position.

Li Auto Inc. sells its vehicles primarily to individual consumers who seek premium smart electric vehicles for family transportation. The target customer consists of households in China that value safety comfort intelligent features and sufficient driving range and that are willing to pay a price above RMB200000. The company has begun to expand its presence outside China by offering its Li L series models in Uzbekistan Kazakhstan Azerbaijan and Egypt. Li Auto Inc. serves its customers through a direct sales model that includes 548 retail stores located in high traffic malls and auto sales parks as of December 2025. After sales support is provided by 561 service centers and authorized body and paint shops spread across 224 cities in China. The firm also engages buyers through its mobile app WeChat mini program and website which facilitate online configuration test drive scheduling and order placement. Specific customer names are not disclosed in the filing but the business model is oriented toward retail consumers rather than institutional or fleet buyers.