Li Auto stock fell 5.37 percent as September deliveries dropped?

Published on 10/07/2026 at 06:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Li Auto stock closed at HKD 42.62 on October 2, 2026, after September deliveries fell 6.3 percent year over year. Q2 revenue declined 15.1 percent.

Li Auto, KYG5479M1050, Illustration mit AI erstellt.

Li Auto stock closed at HKD 42.62 on the HKEX on October 2, 2026, down 5.37 percent on the session. The move followed a September delivery update showing 31,817 vehicles, a 6.3 percent decline from September 2025.

September deliveries lose ground

According to Li Auto on October 1, 2026, cumulative deliveries reached 1,833,651 vehicles by September 30. The company also delivered more than 10,000 new Li L6 vehicles during the month and expanded its battery-electric lineup with the Li MEGA Home and Li i9 Home.

The quarterly comparison is mixed. Li Auto delivered 99,964 vehicles in the third quarter of 2026, up 7.24 percent from the year-earlier quarter, while September alone fell 15.56 percent from August's 37,679 vehicles, according to CNEV Post on October 1, 2026.

Margins remain the key test

Li Auto's second-quarter 2026 revenue was RMB 25.7 billion, down 15.1 percent year over year but up 11.7 percent from the first quarter. Gross margin fell to 11.0 percent from 20.1 percent a year earlier, while vehicle margin declined to 9.4 percent from 19.4 percent, according to GlobeNewswire in its August 26, 2026 release.

The earnings profile therefore remains weaker than the delivery scale. Li Auto posted a RMB 1.7 billion net loss in Q2 2026, compared with RMB 1.1 billion net income in Q2 2025, while free cash flow was negative RMB 1.3 billion. Sequentially, however, the net loss narrowed from RMB 2.3 billion in Q1 and gross margin improved from 7.9 percent.

HKEX close remains under pressure

The HKEX close of HKD 42.62 on October 2, 2026, was 5.37 percent lower than the previous close. The primary listing is Li Auto's Hong Kong share line, identified as ticker 2015.HK and ISIN KYG5479M1050 by Global Banking and Finance on October 6, 2026.

For investors, the central test is whether new model launches can lift monthly volume without extending the margin squeeze. Li Auto plans to launch the Li i6 in October and introduce it to European customers at the Paris Motor Show, creating a measurable product and international-sales checkpoint.