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Li Auto Unveils Upgraded MEGA, Says EV Orders Now Match Extended-Range Mix

Li Auto will launch the new MEGA on Sept. 2 and the i9 flagship SUV in mid-September. CEO Li Xiang says pure-electric orders have caught up with extended-range models, signaling a strategic shift.

AI News Feed · 2026-08-27 22:10

CEO Li Xiang revealed during the second-quarter earnings call that Li Auto's current orders for extended-range and pure-electric vehicles are now close to a 1:1 ratio. This marks a shift from the company's long-standing association with range-extender technology. The pure-electric lineup now includes the i6, i8, and MEGA, with the six-seat flagship SUV i9 set to launch in mid-September. The i6 has been among the top three best-selling pure-electric models above 200,000 yuan for six consecutive months, according to the company.

The renewed MEGA is not expected to be a volume driver due to its 500,000-yuan price segment, but it serves as a technology flagship. The vehicle's driving dynamics are improved to handle its near-3-ton weight, with power output rising from 400 kW to 413 kW.

Financially, Li Auto's second-quarter results show signs of recovery from a weak start to the year. Deliveries reached 98,330 units, up 3.4% quarter-over-quarter. Revenue totaled 25.67 billion yuan, up 11.7%, while gross margin improved to 11.0% from 7.9% in Q1. Net loss narrowed to 1.71 billion yuan from 2.28 billion yuan. However, first-half results remain under pressure: deliveries fell 5.2% year-over-year to 193,500 units, revenue dropped 13.3%, and the company posted a net loss of 3.98 billion yuan.

CFO Li Tie attributed the Q2 margin recovery to the delivery of the new L9 and expects further improvement as more high-priced models and the i9 hit the market. Li Xiang set a long-term gross margin target of 15%-20%, while vowing not to pass cost increases to consumers amid rising battery and chip prices.

Li Auto's R&D spending reached 2.78 billion yuan in Q2, as the company pushes self-developed components such as the Mahe M100 chip, batteries, and VLA. As of end-June, Li Auto had built 4,097 supercharging stations and 22,593 charging piles. The company holds 87.5 billion yuan in cash reserves, and Q2 operating cash flow turned positive at 15 million yuan after a net outflow in Q1.

For Q3, Li Auto guides deliveries of 95,000 to 100,000 units and revenue of 26.6 to 28 billion yuan, roughly flat with Q2.