Piper Sandler notes that Li Auto (LI) published global deliveries for December and Q4 2025 today, with December deliveries of 44.2k beating the firm’s internal estimate of 41.7k. Li Auto delivered 109.2k units in Q4, above Piper’s estimate and at the top end of guidance. The firm believes Li Auto has likely recaptured some market share in Q4, but remains well below Q4 2024 levels. Piper has a Neutral rating on the shares with a price target of $18.
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