Li Auto shares plunge on bleak order forecast for first BEV

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Li Auto shares plunged nearly 14% on Monday, partly influenced by analysts’ bleak forecasts for the order intake of the company’s first battery electric vehicle model, the Mega. The vehicle was unveiled on March 1 with a higher-than-expected price tag of RMB 559,800 ($77,756). As of Monday, Li Auto received 8-9 non-refundable orders for the Mega per shop, according to Sun Shaojun, founder of consumer behavior research agency CarFans. With a network of 467 retail locations as of December, Li Auto has accumulated a backlog of around 4,000 non-refundable orders over the weekend. Jefferies analysts, on Sunday, “conservatively” estimated monthly sales of the Mega to reach 3,000 units, significantly lower than the company’s delivery outlook of 8,000 units.