Li Auto Inc. (NASDAQ:LI) stock fell Thursday after the Chinese electric vehicle maker reported mixed fiscal first-quarter 2026 results.

Revenue Tops Estimates Despite Decline

Quarterly revenue fell 11.4% year over year to 23.0 billion Chinese yuan ($3.33 billion), but exceeded the analyst consensus estimate of $3.14 billion. Revenue declined 20.1% from the previous quarter.

Adjusted net loss came in at 2.09 yuan per American depositary share, or 30 cents, compared with Wall Street expectations for a profit of 7 cents per share.

Vehicle sales declined 12.7% year over year to $3.1 billion, primarily due to a lower average selling price tied to changes in product mix. Sequentially, vehicle sales fell 21.0%, driven by lower deliveries during the Chinese New Year holiday period and weaker pricing from product mix changes.

Li Auto delivered 95,142 vehicles during the quarter, up from 92,864 vehicles a year earlier but down from 109,194 vehicles in the prior quarter.

For comparison, NIO Inc. (NYSE:NIO) delivered 83,465 vehicles during the quarter, up 98.3% year over year and down 33.1% sequentially.

Tesla Inc. (NASDAQ:TSLA) delivered 358,023 vehicles globally during the quarter, up 6% from a year earlier but down 14% from the previous quarter.

Li Auto Margins Contract As ...