Li Auto

Speculation about the Li L8 may have led to a delay in consumer purchases of the Li ONE, a bigger cannibalization than the Li L9, according to Deutsche Bank analyst Edison Yu.

While Li Auto management continues to believe that the new flagship full-size L9 SUV will sell very well, near-term demand for the Li ONE has been grossly overestimated.

Li Auto expects third quarter revenue to be RMB 8.96 billion to RMB 9.56 billion, below market expectations of RMB 13.98 billion.

The Li L8, internally codenamed X02, is built on the same platform as the Li L9, codenamed X01, and can be seen as a scaled-down version of the Li L9, according to some local media.

While the beginning of the month is usually slow for the auto industry, Li Auto's apparent lagging performance behind its peers may have raised some concerns.

Deutsche Bank raised its forecast for Li Auto's deliveries this year to 160,000 units from 155,000, but believes the company could face some incremental headwinds in 2023.

The car's cabin caught fire within nine seconds, which was not caused by the vehicle itself, but possibly by flammable and explosive items that ignited, Li Auto said.

Li Auto delivered 28,687 vehicles in the second quarter, above the upper end of its previous guidance range of 21,000-24,000 vehicles.

Li Auto has set up an investigation team to confirm whether it was a driver issue or a vehicle problem. local media quoted the company's customer service as saying.

Li Auto delivered 10,422 vehicles in July, up 21.34 percent from 8,589 in the same month last year, but down 19.98 percent from June's 13,024 volume.