LI - Li Auto shares slide after matching Tesla price cuts
2024-04-22 06:15:16 ET
The price cuts impact their entire existing lineup, excluding the new Li L6 model....
Shares of Li Auto ( LI ) fell more than 7% in the premarket hours of Monday.
The price changes apply to both new orders and existing undelivered pre-orders for the 2024 Li L7, Li L8, Li L9, and Li Mega.
The majority of these extended-range electric vehicles (EREVs) in the L-series see a price drop of 20,000 yuan, with two Pro variants receiving slightly smaller reductions of 18,000 yuan.
Among the models, the Li Mega, the company's first battery electric vehicle (BEV), experienced the most significant price drop, with a reduction of RMB 30,000.
The company is offering cash refunds to customers who took delivery this year for the Li L7, Li L8, Li L9, and Li Mega.
Li Auto introduced their latest electric vehicle, the Li L6, on April 18 . The vehicle has been a hit, according to the company, with over 10,000 units sold in the first 72 hours.
Yesterday, EV giant Tesla cut the prices of its entire lineup of models in China by RMB 14,000, further intensifying the EV price war in China.
Notably, Geely Auto, Xpeng, and Leapmotor are among the other automakers that have reduced their pricing this year.