Li Auto has unveiled its financial results for the third quarter of 2025, revealing a total revenue of 27.4 billion yuan, marking a 36.2% year-on-year decline. The company also reported a net loss of 624.4 million yuan, a stark contrast to the net profit of 2.8 billion yuan recorded in the same period the previous year. Following the announcement of these financial figures, the management team conducted a conference call. During the call, Xie Yan disclosed that controllers featuring the in-house AI inference chip, the M100, are currently undergoing extensive system testing, with commercial deployment anticipated in the coming year. Designed in conjunction with a proprietary compiler and software suite, the M100 chip is expected to deliver a cost-effectiveness ratio exceeding that of current high-end chips by more than three times. Additionally, Li Auto has initiated research and development on a new generation platform and chips. Li Xiang emphasized that with the introduction of M100 chip-equipped products in 2026, vehicles will evolve into comprehensive service providers. Ma Donghui highlighted that the VLA model is undergoing ongoing refinement, with OTA 8.0 primarily focused on enhancing safety features. Version 8.1 is slated for a phased rollout in December, encompassing architectural enhancements and compatibility with the M100 chip integration, along with subsequent innovations such as defensive AEB also on the horizon. The Senior Vice President of Li Auto’s Autonomous Driving R&D division previously underscored the significant cost-efficiency and performance advantages of in-house chip development. Li Auto is simultaneously advancing the development of an intelligent driving AI inference chip and a SiC power chip, with the former expected to commence mass production and vehicle integration in 2026.