LI - Why Li Auto Stock Dropped 14% Today
2024-05-20 11:32:06 ET
Three months ago, Chinese electric-vehicle (EV) company Li Auto (NASDAQ: LI) announced powerful fourth-quarter earnings , but with a caveat: Management warned that a sales slump was coming in the 2024 first quarter .
Now it's time for that first-quarter report, and the news is not good. Earnings came in at just $0.17 per share, half of what Wall Street expected. Quarterly sales of $3.55 billion similarly missed consensus targets of $3.7 billion.
So Li Auto stock tumbled on Monday and was down 14.3% through 10:45 a.m. ET.
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Why Li Auto Stock Dropped 14% Today