Li Auto (LI) Stock Dips Despite Solid November Delivery Figures

Li Auto's stock is starting the week in the red, trading at $18.11 in the pre-market, a dip of 1.52% from the previous close, despite reporting a respectable 33,181 vehicle deliveries for November 2025. This performance brings the company's cumulative deliveries to 1,495,969 units as of November 30, 2025, underscoring sustained demand for its vehicles.

The EV maker's November deliveries, while substantial, exist within a competitive landscape where growth expectations are high. Li Auto's plans to ramp up monthly production capacity for the Li i6 model to 20,000 units by early next year signals a commitment to meeting anticipated demand. Furthermore, the upcoming OTA 8.1 update, slated for release in early December 2025, aims to enhance user experience, a crucial factor for maintaining customer loyalty and attracting new buyers.

Li Auto's expansive infrastructure, comprising 544 retail stores across 157 cities and a network of servicing and supercharging stations, provides a strong foundation for continued growth within China.

Competitive Landscape

However, the modest change in Li Auto's stock price may reflect investor caution amid intensifying competition in the Chinese EV market. XPeng Inc., another key player, reported a 19% year-over-year increase in November deliveries, reaching 36,728 units.

XPeng's emphasis on AI integration, showcased at its 2025 AI Day with the unveiling of “Physical AI” applications, presents a longer-term competitive challenge. The planned mass production of these AI-driven technologies in 2026 could potentially reshape the EV landscape, placing pressure on Li Auto to innovate and adapt.

Li's stock trades 23% lower on a YTD basis, putting LI close to lows, whilst XPEV is trading 89% higher since the turn of 2025.

Li Auto's extensive network of retail and service locations offers a tangible advantage in terms of customer reach and support. Yet, the company must continue to invest in technology and product development to maintain its competitive edge. The upcoming OTA 8.1 release represents one step in this direction, but sustained innovation will be crucial for long-term success.