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Investing.com-- Li Auto (NASDAQ:LI) (HK:2015) shares rose on Tuesday following the company’s decision to cut the price of its new Li i8 electric SUV in a move to better align with market expectations, easing investor concerns after a steep sell-off last week.
On Tuesday, Li Auto consolidated its three-tier i8 lineup into a single model priced at 339,800 yuan ($47,300). This represents a reduction from the previously top-tier i8 Max price of 349,800 yuan and maintains its 720-kilometre range and other premium specs, the company said on WeChat.
Hong Kong-listed shares of the company rose as much as 5.5% to HK$106.8 on Tuesday. The stock traded 1.7% higher at HK$103 as of 06:12 GMT.
The new pricing was introduced just one week after Li Auto launched the i8. Its Hong Kong-listed shares plunged immediately after the debut due to investor disappointment over perceived overpricing amid fierce competition from rivals such as NIO Inc’s (HK:9866) Onvo L90, which starts at 265,800 yuan.
Li Auto posted a 39.7% year-on-year drop in July deliveries amid intensified competition in China’s EV sector.