Li Auto Inc. (NASDAQ: LI) announced that holders of its 0.25% convertible senior notes due 2028 can exercise put rights to require the company to repurchase their bonds on May 1, 2026.

The Chinese electric vehicle manufacturer said bondholders can require Li Auto to purchase all or part of their notes in increments of $1,000 principal amount for cash. The repurchase price equals 100% of the principal amount plus accrued unpaid interest through April 30, 2026.

As of March 26, 2026, $862.5 million in aggregate principal amount of the notes remained outstanding. If all bondholders exercise their put rights, Li Auto would pay $862.5 million in cash to repurchase the entire issue.

The exercise period for the put rights began March 27, 2026, and expires at 5:00 p.m. New York time on April 29, 2026. Holders can withdraw previously tendered notes until the same deadline.

Deutsche Bank Trust Company Americas serves as trustee and paying agent for the bonds, which were issued under an indenture dated April 12, 2021. The company said it will file a tender offer statement on Schedule TO with the Securities and Exchange Commission.

Li Auto stated that neither the company nor its management has made recommendations to bondholders regarding whether to exercise the put rights. The May 1, 2026 repurchase date coincides with a scheduled interest payment date under the bond terms.