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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently Li Auto runs and where it’s prioritizing investment to drive growth and innovation.Li Auto is clearly prioritizing R&D over near‑term profitability: R&D has stayed elevated through the model and chip rollouts (MAHE M100, MindVLA) while SG&A has been trimmed since late‑2024, reflecting cost discipline amid cash burn. Volatile “Other” items look like timing/one‑offs but have recently normalized. That mix supports a product‑led recovery if L8/L9 ramp and higher ASPs materialize, but sustained profitability and cash flow hinge on execution and scale—not on immediate cost cuts alone.
Date | Research and Development | Selling, General, and Administrative | Other |
|---|---|---|---|
Jun 30, 2026 | ¥2.81B | ¥2.72B | -¥287.98M |
Mar 31, 2026 | ¥2.72B | ¥2.05B | ¥35.47M |
Dec 31, 2025 | ¥3.02B | ¥2.65B | ¥90.44M |
Sep 30, 2025 | ¥2.97B | ¥2.77B | -¥97.16M |
Jun 30, 2025 | ¥2.81B | ¥2.72B | -¥287.98M |
Mar 31, 2025 | ¥2.51B | ¥2.53B | ¥1.94M |
Dec 31, 2024 | ¥2.41B | ¥3.08B | -¥218.45M |
Sep 30, 2024 | ¥2.59B | ¥3.36B | -¥154.17M |
Jun 30, 2024 | ¥3.03B | ¥2.82B | -¥133.77M |
Mar 31, 2024 | ¥3.05B | ¥2.98B | -¥157.26M |