Li Auto designs, manufactures, and sells premium smart electric vehicles in China, targeting family buyers in the market for vehicles priced above RMB 200,000. Li Auto's lineup spans two powertrain types: its core EREV (extended-range electric vehicle) L Series SUVs, and its newer BEV i Series SUVs and MEGA MPV. EREVs run on electric motors but carry a small gasoline generator to extend range, eliminating range anxiety — Li Auto pioneered this format commercially in China and has delivered over 1.4 million EREV units cumulatively. The BEV lineup runs on an 800-volt platform with ultra-fast charging capability, supported by Li Auto's own nationwide 5C supercharging network. Li Auto sells directly to consumers through its own retail stores and a digital-first ordering platform. Revenue is driven almost entirely by vehicle sales, with profitability tied to delivery volumes, model mix, and vehicle gross margin. Li Auto pursues vertical integration in key components — including range extenders, electric drive units, silicon carbide power modules, and its own autonomous driving chip (the M100, targeting mass production in 2026) — to control costs and differentiate on technology. R&D spending is heavy, with roughly half allocated to AI-related initiatives including a proprietary operating system, foundation models, and a vision-language-action autonomous driving model. Li Auto is also in the early stages of international expansion into Central Asia and the Middle East, though overseas sales remain a small part of the business today.