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Investing.com -- Li Auto Inc (NASDAQ:LI) stock dropped 2.7% in premarket trading Friday after the Chinese electric vehicle maker lowered its delivery outlook for the second quarter.
The company now expects to deliver approximately 108,000 vehicles in the second quarter, a significant reduction from its previous guidance of 123,000 to 128,000 vehicles. Li Auto attributed the downward revision to a temporary impact from its sales system upgrade, which the company says is necessary to support long-term growth.
Despite the reduced outlook, Li Auto expressed confidence that it would complete its organizational upgrade before the launch of its new Li i8 model. The company stated that these changes would strengthen its organizational capabilities as it prepares for a new product cycle.
Li Auto, which positions itself as a leader in China’s new energy vehicle market, did not provide specific details about the nature of the sales system upgrade or how long the temporary impact might last. The stock’s decline reflects investor concern about the nearly 15% reduction in expected deliveries for the current quarter.
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