Li Auto hit by low sales in Q3, margin drops 12.3pts YoY

Li Auto's reversal of fortunes in Q3 could indicate rapidly deteriorating opportunities in the Chinese hybrid segment. By Will Girling By Will Girling November 28, 2025 Li Auto's operating margin has

Li Auto's reversal of fortunes in Q3 could indicate rapidly deteriorating opportunities in the Chinese hybrid segment. By Will Girling

Li Auto's operating margin has been consistently inconsistent over the last 24 months: occasionally stabilising at around 8% before soon dropping again. However, Q3 2025 represented one of its most drastic reversals so far, declining 12.3pts from the previous year to (4.3)%.

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