LBdolphin
$LI Li Auto's second quarter was fine — margin slightly light, but a stronger-than-expected recovery in average price lifted revenue past expectations, and cost control brought profit in line.
The disappointment is third-quarter guidance: 95,000–100,000 deliveries, flat against the second quarter's 98,000 and well below the 122,000 expected, despite refreshes of the L9, L8, L6 and i8 all arriving since May.
Orders for those refreshes are clearly ordinary, and even the L6 isn't lifting volume. Revenue guidance of RMB 26.6–28.0B also missed. The 2026 target of 480,000 units looks likely to be cut to around 420,000.
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