- As of press time, Li Auto was down over 10 percent in Hong Kong, marking its largest intraday decline in nearly four months.
- Investors are apparently disappointed with the launch of the Li i8, Li Auto's first all-electric SUV model.
Li Auto (NASDAQ: LI) shares plummeted after the launch of its first all-electric SUV (sport utility vehicle), the Li i8, signaling investor disappointment.
As of press time, Li Auto's shares in Hong Kong had fallen 10.34 percent to 107.5 Hong Kong dollars, marking the largest intraday decline in nearly four months.
The automaker's American Depositary Shares (ADSs) closed down 6.20 percent at $27.38 overnight, the largest single-day decline since April 8.
Li Auto officially rolled out the six-seat Li i8 at an event in Beijing yesterday evening, with a starting price of RMB 321,800 ($44,850) and deliveries set to begin on August 20.
The starting price is at least RMB 28,200, or 8.06 percent, lower than the expected price range of RMB 350,000 to RMB 400,000 announced on July 17.
However, it remains RMB 41,900 yuan, or 14.97 percent, higher than the pre-sales starting price of RMB 279,900 yuan for the L90 electric SUV from Onvo, a sub-brand of Nio Inc (NYSE: NIO), one of its most direct competitors.
Compared to the starting price of RMB 338,000 yuan for the ES6, the main model sold by the Nio main brand, the Li i8 is slightly cheaper. It is worth noting that the ES6 has undergone several years of iteration and optimization.
Li Auto focused on introducing its Advanced Driver Assistance System (ADAS) and virtual voice assistant at yesterday's launch event, with little mention of other technologies.
In contrast, Onvo introduced a number of technologies at the L90 pre-sales event earlier this month, including a 900-volt high-voltage platform, lightweight body technology, and safety features.
The Onvo L90 will officially go on sale on July 31, with an event starting at 7:30 pm Beijing time on the same day. The SUV will begin deliveries on August 1, the day after its launch.
In addition to competition from the Onvo L90, the Li i8 will also face pressure from Tesla (NASDAQ: TSLA), which is set to launch its six-seat Model Y L this fall.
The Li i8 represents Li Auto's latest major effort in the battery electric vehicle (BEV) market, coming at a time of slowing growth.
In the first six months of the year, Li Auto delivered 203,938 vehicles, marking a year-on-year increase of just 7.91 percent, according to data compiled by CnEVPost.
($1 = RMB 7.1747)
