Mar 08, 2024 05:48 PM
BUSINESS
Li Auto Sinks 20% as Price Wars Cloud Launch of Luxury Model
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Li Auto’s new battery minivan Mega has drawn a lukewarm response from consumers. Photo: Bloomberg
(Bloomberg) — A stunning reversal in Li Auto Inc.’s performance signals more pain for the stock is coming as competition in the world’s largest electric vehicle (EV) market intensifies.
The automaker is set to finish the week at the bottom of the Hang Seng Index, paring most of last week’s 29% rally spurred by its earnings. More doubts over sales growth have resurfaced amid heightened price wars and disappointment over its newly launched battery minivan Mega.
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