Li Auto Reports Q4 2025 Operating, R&D Expense Changes

Published: Mar 13, 2026 10:09
Li Auto (02015.HK) announced that operating expenses in Q4 2025 were RMB 5.6 billion ($797 million), an increase of 5.8% from RMB 5.3 billion in Q4 2024 and a decrease of 1.3% from RMB 5.6 billion in Q3 2025. R&D expenses in Q4 2025 were RMB 3 billion ($431.4 million), an increase of 25.3% from RMB 2.4 billion in Q4 2024 and an increase of 1.4% from RMB 3 billion in Q3 2025. The increase in R&D expenses from Q4 2024 was mainly due to costs related to AI and other projects supporting our expanded product portfolio and technologies.

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