On November 26, Li Xiang, the Chairman of Li Auto, made a significant announcement during the third-quarter earnings call. He stated that starting from the fourth quarter of 2025, Li Auto will fully transition back to a startup management model. This strategic move is aimed at navigating industry changes and overcoming growth bottlenecks. Li Xiang reflected on the lackluster performance of the professional managerial system that the company had adopted over the past three years. He pointed out that leading companies in the industry, such as NVIDIA and Tesla, continue to thrive under startup management models. This observation led to the decision to revert to what is considered the most effective approach.

Li Xiang further revealed that over the next decade, Li Auto will concentrate its efforts on the field of embodied intelligence. This entails a shift in product positioning, moving away from traditional electric vehicles or smart terminals to embodied robots.

The earnings report for the third quarter of 2025 indicated that Li Auto's revenue stood at 27.4 billion yuan, reflecting a year-on-year decrease of 36.2%. The company reported a net loss of 624.4 million yuan, marking its first loss after 11 consecutive quarters of profitability. Despite this setback, Li Auto's cash reserves remained robust at 98.9 billion yuan, providing a solid financial foundation for R&D investments in areas such as pure electric vehicles and intelligent driving.

Ma Donghui, the President of Li Auto, shared additional insights during the meeting. He disclosed that the L series will undergo a major upgrade next year, with all models featuring an 800V high-voltage platform and 5C ultra-fast charging batteries as standard. Furthermore, the production of the pure electric models i6 and i8 is currently ramping up. Notably, the monthly production capacity of the i6 is expected to reach 20,000 units by early next year.

In addition, Li Auto's self-developed chip, the M100, is set to be integrated into vehicles in 2026. The AI system powered by this chip will facilitate a transition in automotive technology, enabling cars to evolve from passive use to automated and proactive services.