So here's a thing that happens in business: sometimes you just need the losing streak to stop. For Li Auto Inc. (LI), February 2026 might have been that moment. The Chinese electric vehicle maker delivered 26,421 vehicles last month. That's a tiny, almost imperceptible 0.6% increase from the 26,263 it delivered in February 2025. But in the context of Li Auto's recent history, that tiny bump is a big deal—it breaks an eight-month streak of annual delivery declines.

Think about that. For more than half a year, every monthly report showed deliveries were lower than the same month a year prior. Then February comes along, and the line finally, barely, ticks upward. It suggests that after a prolonged slowdown, demand might—emphasis on *might*—be starting to steady. The gain is especially notable because February included the Spring Festival holiday in China, which typically disrupts production and sales.

The company's cumulative deliveries now stand at 1,594,304 vehicles as of February 28, 2026. Beyond the raw delivery numbers, Li Auto was busy during the holiday travel period. It rolled out a major over-the-air software update (OTA 8.3) ahead of the festival, upgrading its driver-assist AI model and smart cockpit systems. More tangibly, the company's charging network saw heavy use. Between February 14 and 23, Li Auto recorded over 1.45 million charging sessions across its network, delivering more than 42 million kWh of electricity to users. The company operates 4,054 supercharging stations with 22,447 charging stalls nationwide.

Looking ahead, Li Auto plans to launch the all-new Li L9 model in the second quarter of 2026. On the ground, the company's retail footprint includes 539 stores in 160 cities and 548 service centers in 223 cities.

What the Charts Are Saying

Now, let's talk about the stock, because the story in the showroom isn't quite the story on the ticker. From a technical analysis perspective, Li Auto's shares are painting a bearish picture. The stock is currently trading 10.5% below its 20-day simple moving average and 12.3% below its 100-day simple moving average. That's generally not a sign of strength. Over the past 12 months, the shares have decreased by approximately 46%, and they are sitting much closer to their 52-week lows than their highs.

The momentum indicators are sending mixed signals, which often means uncertainty. The Relative Strength Index (RSI) is right at 50.00, which is considered neutral—the stock is neither overbought nor oversold. However, the Moving Average Convergence Divergence (MACD) is at -0.05, below its signal line, which indicates bearish pressure. Traders often watch key price levels for clues about direction.

• Key Resistance: $20.00
• Key Support: $15.50

The Upcoming Earnings Test

All of this sets the stage for the company's next big event: earnings. The countdown is on. Li Auto is scheduled to report its financial results on March 12, 2026, and the expectations, frankly, are low.

• EPS Estimate: 5 cents (This is down dramatically from 52 cents a year ago)
• Revenue Estimate: $4.28 billion (Down from $6.07 billion)
• Valuation: The stock trades at a P/E ratio of 15.9x, which analysts consider a fair valuation.

The analyst community seems to be in a "wait and see" mode. The consensus rating on the stock is a Hold, with an average price target of $26.01. But recent actions from individual firms have been cautious, mostly involving target price cuts:

• Jefferies: Downgraded the stock to Hold and lowered its price target to $17.50 (Jan. 23)
• Citigroup: Maintained a Neutral rating but lowered its target to $18.50 (Jan. 15)
• Piper Sandler: Maintained a Neutral rating but raised its target to $19.00 (Jan. 8)

In early trading on Monday, Li Auto shares were down 1.36% at $17.35, according to market data. So, the February delivery report gave investors a sliver of hope that the sales decline has bottomed. But with earnings around the corner and the stock still in a technical downtrend, the real test of whether this is a true turning point is still to come.