Li Auto

The team does not see compelling reason to own the stock as it will not have new products until the third quarter and the new EREV will target a relatively small segment.

The addition of the manufacturing site will further enhance the company's ability to meet growing demand, Li Auto said.

The model is a full-size luxury SUV with next-generation extended-range technology, a new intelligent cabin and intelligent driving technology.

Wang will continue to serve as a senior advisor to the company until December 31, 2022, to ensure a smooth transition, Li Auto said.

Li Auto's guidance for first quarter deliveries is 30,000-32,000 vehicles, the same as its previous guidance for the fourth quarter of last year.

Li Auto will form a joint venture with SiC chip maker Sanan Semiconductor and hold a 70 percent stake in the company, a regulatory filing shows.

Deutsche Bank maintains a Hold rating on Li Auto and a $34 price target, implying a 14.8 percent upside.

Li Auto delivered 35,221 vehicles in the fourth quarter of last year, above the previous guidance range of 30,000-32,000 vehicles.

Wang, who joined Li Auto in September 2020, will be the highest-ranking executive to leave Li Auto since its inception.

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