Produced by Zhineng Auto and Zhineng Technology

Compiled Using Monthly Insurance Registration Data

Analysis Based on Three Key Metrics

September Insurance Registrations: 31,170 units · 647 units fewer than official deliveries · 447 units fewer than retail sales · Cumulative January-September Insurance Registrations: 290,000 units

Li Auto recorded 31,170 insurance registrations in September, compared to 31,817 official deliveries (a year-on-year decrease of approximately 6.3%) and 31,617 retail sales reported by Dongchedi. The variance among these figures was minimal, with only a 647-unit (or roughly 2%) difference. Insurance registrations did not surpass either deliveries or retail sales, suggesting that nearly all delivered vehicles were registered in the same month. Consequently, insurance registrations can be considered a reliable indicator of actual domestic sales volume. The cumulative insurance registrations from January to September reached 290,221 units, closely aligning with the delivery trend.

Review of Key Model Sales Performance

Significant Structural Shifts Observed in September:

The extended-range L6 emerged as the top seller, with 10,417 insurance registrations (retail: 10,666, an increase of 249 units); in contrast, the pure electric i6 saw a decline from 17,020 units last month to 7,383 units (retail: 7,379, with only 4 more units registered, showing virtually no difference).

The L8 had 4,460 insurance registrations compared to 4,924 retail sales (464 more retail units); the L9 registered 2,014 insurance registrations versus 2,386 retail sales (372 more retail units), indicating a slight delay in registration for newly delivered models.

The MEGA recorded 2,360 insurance registrations against 2,318 retail sales (42 more registrations); the i8 had 1,756 insurance registrations versus 1,738 retail sales (18 more registrations); the new flagship i9 registered 2,779 insurance registrations compared to 2,206 retail sales (573 more registrations), reflecting a concentrated registration of early orders.

After registering just 2 units in August, the i9 surged to 2,779 units in September, completing its initial ramp-up phase; the MEGA recorded 2,360 units in a single month (up from 762 units in August), indicating that pure electric MPVs are also gaining traction.

In summary, Li Auto registered 31,000 units in September, which was 647 units fewer than deliveries and 447 units fewer than retail sales. The L6 surpassing the i6 and the strong debut of the i9 were the most notable structural changes observed this month.

*Data Metrics Explained: Insurance registrations refer to the monthly totals of compulsory traffic insurance purchased at the model level; official deliveries are based on voluntary announcements made by the company to the Hong Kong Stock Exchange; retail sales figures are sourced from Dongchedi's "September 2026 Model Sales Rankings" (consistent with data from the China Passenger Car Association). 'More/less than retail' indicates the comparison between insurance registrations and retail sales; a positive value means insurance registrations are ahead of retail sales, while a negative value indicates they are behind retail sales.*