LI
Li Auto Inc.
Is LI Halal?
Chinese EV maker — 2025 liquidity and receivables-plus-cash screens fail.
What You Should Know
Li Auto's 2025 Form 20-F reports debt/assets of 6.17%, liquidity/assets of 65.47%, and receivables plus cash/assets of 36.82%. Extended-range EV manufacturing is generally permissible in principle, but the large time-deposit and short-term-investment balance exceeds the examined asset-based limits.
⚠️ Concerns
- •Liquidity/assets is 65.47%
- •Receivables plus cash/assets is 36.82%
- •Vehicle financing, leasing, warranties and deposits require review
- •Chinese VIE, safety, labor, supply-chain and environmental risks
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-14.
1,360.905 / 22,064.007
14,446.122 / 22,064.007
8,123.949 / 22,064.007
- Financial
- Fails
- Overall
- Fails
Debt/assets is 6.17%, liquidity/assets is 65.47%, and receivables plus cash/assets is 36.82%; liquidity exceeds the examined FTSE limit. The income test is incomplete.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 65.47% and receivables plus cash/assets is 36.82%, both above the examined MSCI limits.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 65.47%, above the examined Malaysia 33% limit; this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Not calculated
A licensed, reproducible 24- or 36-month market-cap series is not stored.
Business-activity disclosure
Li Auto designs and sells extended-range electric vehicles and related services; vehicle manufacturing is generally permissible in principle.
Limitation: The filing does not provide a school-neutral prohibited-revenue numerator for financing, leasing, software, subsidies, or mixed service categories.
Purification
A gross non-compliant-income numerator is not separately disclosed in the selected 2025 filing data, so no purification percentage is inferred.
Inputs, assumptions and primary sources
- Amounts use the USD column in Li Auto's 2025 Form 20-F and are USD millions.
- Interest-bearing debt is total borrowings of RMB 9,516.948 million translated at the filing's USD presentation rate; it includes secured and convertible borrowings.
- Interest-bearing securities are RMB 44,331.407 million (USD 6,339.307 million) of time deposits and short-term investments; restricted cash is excluded.
- Revenue uses the year ended December 31, 2025. The filing does not separately disclose a gross non-compliant-income numerator suitable for a purification ratio.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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