Analysis of the Impact of Li Auto's Rapid Expansion of Supercharging Stations on the Competitive Landscape of the New Energy Vehicle Industry

Based on comprehensive data collection and analysis, the following is an in-depth research report on the impact of Li Auto’s supercharging station expansion on the industry’s competitive landscape:

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As of December 31, 2025, Li Auto has put into operation

, with , covering across the country[1][2]. In the first week of 2026, the company launched another 140 supercharging stations, bringing the total to over 3,900[0].

In terms of construction speed, Li Auto adds approximately 4 supercharging stations per day and about 28 supercharging piles per week[3]. This expansion speed makes Li Auto

[4].

Infrastructure Type	Quantity	Coverage
Retail Centers	548	159 cities
After-sales Service Centers	561	224 cities
Cumulative Deliveries	1.54 million units	Historical Milestone

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The competitive logic of the current new energy vehicle market is undergoing a fundamental shift. Industry analysis points out that public charging piles present a

— as of the end of 2025, supercharging piles account for less than 5% of the total[3]. This situation has led to:

• The focus of industry development has shifted from ‘range competition’ to
  ‘energy replenishment efficiency competition’
• Megawatt-level supercharging (≥1000kW) has become the key technology to solve the problems of ‘slow charging and long queues’
• The ultimate competition in the industry has evolved into a contest of
  ‘ecosystem integration capability’

The moat built by Li Auto through its supercharging network has the following characteristics:

• Exclusive Protocol Advantage
  : High compatibility between vehicles and piles, with higher charging power
• Closed-loop User Experience
  : Full-process optimization from pile searching, charging to payment
• Increased Brand Loyalty
  : Exclusive member benefits enhance user stickiness

Automakers’ strategic choices in the energy replenishment field have diverged:

• Heavy Asset Investment Camp
  : NIO (cumulative investment of nearly RMB 10 billion), Tesla (2024 capital expenditure of over USD 10 billion), Li Auto
• Light Asset Cooperation Camp
  : Xiaomi, Porsche, Neta, Leapmotor, etc., choose to rely on third-party charging networks

Porsche’s case is a warning: its approximately 200 charging stations have an investment of millions per station, but the utilization rate of exclusive piles is only about 15%-20%, and it will shut down its self-built charging facilities in March 2026 and switch to cooperation with operators[3].

The construction of supercharging networks requires huge capital investment and long-term operational capabilities, which will fundamentally change the industry’s competitive landscape:

• Automakers with weak capital strength will be excluded from supercharging competition
• Enterprises with scale advantages will further consolidate their positions through the Matthew Effect
• The industry will fully upgrade from ‘product competition’ to ‘ecosystem competition’

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Evaluation Dimension	Li Auto’s Performance	Evaluation Conclusion
Coverage Density	3,907 supercharging stations covering 286 cities	✅ Industry-leading
Technological Advancement	Self-developed 480kW supercharging platform	✅ Top tier in the industry
User Stickiness	Closed-loop energy replenishment experience enhances brand loyalty	✅ Significant improvement
Cost Efficiency	Scale reduces per-station cost	⚠️ Need continuous verification
Ecosystem Integration	Vehicle-Pile-Cloud collaborative service network	✅ Initially established

Li Auto has built one of the largest self-operated supercharging networks among automakers in China, and this scale advantage will generate significant

over time: more users → richer data → better experience → higher user stickiness.

The full-year R&D investment in 2025 is expected to reach

, with over RMB 6 billion invested in the AI field[4]. The synergy between the supercharging network and intelligent driving technology will form a composite competitive advantage.

The collaborative layout of the supercharging network, retail centers, and after-sales network has formed a

:

• 548 retail centers provide sales touchpoints
• 561 after-sales centers ensure service response
• 3,907 supercharging stations address energy replenishment pain points

Supercharging networks are heavy asset investments, which pose a continuous test on cash flow and profitability. Li Auto’s current P/E ratio is 25.99x and P/S ratio is 0.94x[0], and the market has high attention to its profitability.

The emergence of new technologies such as Huawei’s full-liquid-cooled megawatt supercharging and BYD’s megawatt flash charging may expose existing supercharging facilities to

[3].

• NIO: Continuous expansion of battery swap station network
• XPeng: Plans to build over 1,000 ultra-fast charging stations in 2026
• Tesla: Global layout of supercharging network

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Indicator	Value	Industry Position
Market Capitalization	USD 17.15 billion	Mid-sized automaker
P/E	25.99x	Mid-tier in the industry
ROE	6.43%	Medium level
Current Stock Price	$16.99	48.7% below the 52-week high

• Technical Aspect
  : Currently in a sideways consolidation pattern ($16.71-$17.27), with no clear trend signal[0]
• Capital Aspect
  : Down 30.05% in the past 3 months and 36.46% in 6 months, at a relatively low level[0]
• Valuation Aspect
  : Analyst consensus target price is $22.50, representing a 32.4% upside from the current price[0]

• Clear leading advantage in supercharging network, forming a differentiated competitive barrier
• The 2026 L-series major facelift + M100 chip + i6 capacity ramp-up is expected to push deliveries back to the million-unit level
• AI strategic transformation opens up long-term growth space

• Short-term performance pressure (Q3 EPS $-0.09 vs expected $0.04)
• Pressure on cash flow from continuous investment in supercharging network
• Share erosion due to intensified industry competition

: The supercharging network has gradually become one of Li Auto’s core competitive advantages, but attention needs to be paid to its and capabilities. It is recommended to continuously track the performance of the 2026 product cycle and changes in supercharging network utilization rate.

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1. Industry Level
   : The construction of supercharging networks is reshaping the competitive landscape of new energy vehicles, upgrading from single product competition to ecosystem competition.
2. Company Level
   : Li Auto’s supercharging network has formed
   first-mover advantage and scale effects
   , with the potential to become a core competitive advantage, but continuous investment is required to cope with technological iteration and intensified competition.
3. Investment Recommendation
   : The leading advantage of the supercharging network provides long-term strategic value for Li Auto, but the short-term stock price is constrained by performance fluctuations and market sentiment. It is recommended to focus on the volume and price recovery opportunities brought by the 2026 product cycle.

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[0] Jinling AI Financial Database - Li Auto (LI) Real-time Quotes, Company Profile, Technical Analysis and Financial Analysis

[1] Eastmoney - “Li Auto Crosses 1.5 Million Unit Delivery Milestone in 2025; Global Market, Charging Network and AI New Products Accelerate Simultaneously” (https://finance.eastmoney.com/a/202601043607827858.html)

[2] Sina Finance - “Li Auto Crosses 1.5 Million Unit Delivery Milestone in 2025” (https://finance.sina.com.cn/stock/zqgd/2026-01-04/doc-inhfcpht8910521.shtml)

[3] 36Kr - “Self-built Charging Piles Exit, Automakers’ ‘Seamless Energy Replenishment’ Becomes New Competition Focus?” (https://eu.36kr.com/zh/p/3617832317486086)

[4] Caifuhao (Eastmoney) - “Li Auto: How Far is It from a Turnaround?” (https://caifuhao.eastmoney.com/news/20251224095353587728270)