March 21, 2024 by MarketNewsData

Shares of Li Auto Inc (LI) slumped over 8% in today’s pre-market trading session following a significant revision in the company’s first-quarter vehicle delivery target. Furthermore, the stock has experienced a year-to-date (YTD) decline of approximately 16%.

Originally, the electric vehicle manufacturing company had projected delivery of 100,000 to 103,000 units for the first quarter. However, the outlook has now been adjusted to a range between 76,000 and 78,000 vehicles.

This revised forecast is not in line with what analysts had predicted – their estimates hovered around 107,834 units. Xiang Li, the CEO of the company, admitted that their initial approach for the Li MEGA model was overambitious and didn’t match the actual pace of scaling.