On March 21, 2024, before market hours, Li Auto issued a press release which announced that “[d]ue to lower-than-expected order intake, the Company now expects its vehicle deliveries for the first quarter of 2024 to be between 76,000 and 78,000 vehicles, revised from the previous vehicle delivery outlook of between 100,000 and 103,000 vehicles.” In addition, the Company stated its purported high-tech flagship family multipurpose vehicle, Li MEGA, had an operating strategy that was mis-paced.
On this news, Li Auto’s American Depositary Shares (“ADSs”) fell $2.55 per ADS, or 7.5%, to close at $33.15 per ADS on March 21, 2024.
