Li Auto

Chinese electric car company Li Auto will launch a deep partnership with local chip company Horizon Robotics to build sustainable evolutionary smart cars using the latter's full range of Journey chips, local media outlet xuangubao.cn said Monday.

Local media said earlier this month that Li Auto is planning to build a second factory, most likely in Beijing, where the company is headquartered.

Li Auto closed down 4.3 percent to $21.78 on Monday. Its Chinese peer Nio also closed down 2.57 percent to $37.14, and Xpeng Motors fell 1.45 percent to $33.99.

Chinese electric car maker Li Auto announced plans Monday to issue up to $750 million in convertible senior notes due 2028 , its first capital markets financing so far this year.

Li Auto is planning to build a second factory, most likely in Beijing, where the company is headquartered, local media iautodaily.com said on April 2, citing sources familiar with the matter.

Li Auto's sole model, the Li ONE, delivered 4,900 units in March, up 238.6 percent from the same month last year and 113 percent from February, according to data released by the company today.

The Voyah FREE, a Li ONE competitor, became available for pre-order on March 31, priced at RMB 313,600 ($47,700) for the extended-range version and RMB 333,600 for the pure electric version.

Official media skepticism about the industry could be a major reason.

Nio and Xpeng Motors have submitted listing applications to the Hong Kong Stock Exchange, while Li Auto has not yet submitted an application, local media cls.cn said, citing sources familiar with the matter.

For investors in Chinese electric vehicle (EV) maker Li Auto (NASDAQ: LI), Tuesday's pre-market performance was all too alarming.