Li Auto Posts Surprise Loss, Stock Rises. What’s Next for Its Diving EV Sales.

Coming into Wednesday trading, Li Auto stock was down 24% year to date and down 18% over the past 12 months. (Courtesy Li Auto)

Key Points

• Li Auto reported an adjusted net loss of 359.7 million Chinese yuan ($50.5 million) in the third quarter.
• Total sales for Li Auto dropped 36% year-over-year to $3.8 billion, missing Wall Street’s expectation of $3.7 billion.
• Li Auto’s American depositary receipts rose 1.3% in early trading despite the mixed third-quarter results.

Li Auto stock rose on Wednesday, despite the Chinese electric-vehicle maker reporting mixed third-quarter results.

The company posted an adjusted net loss of 359.7 million Chinese yuan ($50.5 million), as total sales dropped 36% from a year ago to $3.8 billion. Wall Street was looking for adjusted net income of $115.7 million on sales of $3.7 billion.

In August, Li guided for third-quarter sales of between $3.5 billion and $3.7 billion.

Li’s American depositary receipts added 0.6%, closing at $18.43, while the S&P 500 and Dow Jones Industrial Average both gained about 0.7%.

Starting points might have had something to do with the positive reaction to a loss. Coming into Wednesday trading, Li stock was down 24% so far this year. Falling sales and earnings have weighed on investor sentiment.

A year ago, in the third quarter of 2024, Li reported earnings per share of 26 cents from sales of $6.1 billion. The company sold about 153,000 cars in the third quarter of 2024. It sold 93,211 cars in the third quarter of 2025.

For the fourth quarter, Li expects to deliver between 100,000 and 110,000 vehicles, and total revenue of between $3.7 billion and $4.1 billion. Wall Street had been forecasting $5.1 billion in revenue.

Write to Al Root at allen.root@dowjones.com and George Glover at george.glover@dowjones.com