【Earnings Highlights and Outlook】
- Q1 2025 Deliveries: 92,000 vehicles, up 15.5% year-over-year
- Q1 Revenue: RMB 25.9 billion ($3.6 billion), up 1.8% year-over-year
- Q2 2025 Delivery Guidance: 123,000 - 128,000 vehicles
- Market Performance: Growing at twice the rate of the RMB 200,000+ new energy vehicle market in China
- Product Pipeline: Li Auto I8 to launch in July, Li Auto I6 to launch in September

【Q&A Highlights】

Q1: How will Li Auto maintain its sales growth target of doubling the market rate in the RMB 200,000+ segment?

A:
1. Market Expansion: The new BEV models will allow Li Auto to enter a larger market. The RMB 200,000+ NEV market is expected to reach 3.8 million units in 2025, with 2.13 million being BEVs.
2. New Market Penetration: Li Auto is expanding into tier 4 and 5 cities through the "Star Program". Early results show strong market share gains, e.g., 28% in Sichuan's Zigong and Dazhou cities.
3. Product Strategy: The launch of models like L6 has opened up opportunities in lower-tier cities.
4. Growth Target: The expansion into tier 4 and 5 cities is expected to bring an incremental 100,000 unit sales by 2026.

Q2: What are the key selling points and advantages of the upcoming Li Auto I8 BEV model?

A:
1. VLA Driver Model: Incorporates the latest large language model technology.
2. Innovative Design: Maximizes interior space while achieving low drag coefficient.
3. Performance: Offers excellent handling and ride comfort.
4. Charging Capability: Supports 500km range in 10 minutes of charging.
5. Charging Network: By launch, Li Auto will have 2,500 supercharging stations strategically located for potential customers.
6. Target Market: Positioned as a top choice for existing NEV owners looking to upgrade.

Q3: Can you explain the Li Auto OS (Halos) and its advantages?

A:
1. Industry Interest: Attracting attention from automakers, chip manufacturers, and ecosystem suppliers.
2. Cost Efficiency: As the open-source community matures, it allows Li Auto to focus resources on differentiating features.
3. Vertical Integration: Halos enables better integration of hardware, software, and AI capabilities.
4. Performance Advantages: Offers more efficient resource usage and end-to-end determinism compared to traditional automotive operating systems.
5. Innovation: The new system architecture allows for faster and more agile innovation in software development.

Q4: What are the core difficulties in developing the VLA driver model and how is Li Auto differentiating itself?

A:
1. Key Challenges: The most difficult aspects are pre-training the VL foundation model and reinforcement learning.
2. 3D Understanding: Li Auto's model incorporates specific video data to understand 3D space, unlike other models limited to 2D understanding.
3. Simulation Capabilities: Li Auto has developed a world model that accurately simulates physical laws and traffic elements.
4. Efficient Training: The accurate simulation allows for low-cost, precise verification of real-world issues and significantly reduces the iteration cycle.

Q5: What is Li Auto's export strategy?

A:
1. Market Entry Criteria: Li Auto will only enter a market when it can provide hardware products, after-sales service, and intelligent software services simultaneously.
2. Initial Focus: In the next few years, the company will focus on Asian and European markets.
3. Approach: Li Auto is selecting established distributors in these countries while also assigning internal talent and recruiting professionals with international experience to the overseas market team.
4. Long-term Goal: Aims to have overseas sales account for 30% of total sales.

Disclaimer: This earnings call summary is generated by AI and is for informational purposes only. Due to technical limitations, inaccuracies may exist. It does not constitute investment advice or commitments.