Li Auto’s reversal of fortunes in Q3 could indicate rapidly deteriorating opportunities in the Chinese hybrid segment. By Will Girling
Li Auto’s operating margin has been consistently inconsistent over the last 24 months: occasionally stabilising at around 8% before soon dropping again. However, Q3 2025 represented one of its most drastic reversals so far, declining 12.3pts from the previous year to (4.3)%.
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