Li Auto's May Deliveries Decline 18% Year-over-Year

[Market Update] Li Auto delivered 33,350 vehicles in May, down 18.37% year-over-year and slightly down 2.16% month-over-month.

Core Trend: Divergence Among New EV Players Intensifies; Li Auto Lags in Growth

Li Auto reported May deliveries of 33,350 units, a notable decline from 40,856 units in the same period of 2025. Despite cumulative deliveries surpassing 1.7 million, its monthly performance was weak—unusually recording declines both year-over-year and month-over-month among leading new energy vehicle makers.

Key Metrics: Competitors’ Strong Growth Creates Stark Contrast

In the same period, Leapmotor delivered 81,569 vehicles (up 81% year-over-year), and NIO delivered 37,705 vehicles (up 62.3% year-over-year), both achieving growth on both year-over-year and month-over-month bases. Xiaomi Auto has consistently exceeded the 30,000-unit mark for two consecutive months.

Strategic Foundation: BEV Portfolio and Intelligent Tech Are Crucial to Breaking Through

Amid intensifying competition, Li Auto urgently needs to accelerate its battery electric vehicle (BEV) rollout and intelligent technology iteration. The Q3 product launch cycle will serve as a critical test of its systemic capabilities.