Hong Kong Stock Market Update: LI AUTO fell more than 11% as February deliveries dropped by 35% month-on-month, with the industry price war continuing to heat up.
Li Auto fell nearly 14% in early trading, dropping 12.39% to HKD 157 as of the time of publication, with a turnover of HKD 2.086 billion. On the news front, Li Auto announced that in February 2024, a total of 20,251 new vehicles were delivered, a year-on-year increase of 21.8% but a month-on-month decline of 35%. Li Auto's Chairman and CEO, Li Xiang, stated that with the launch and delivery of new models (MEGA and the 2024 L series), our goal is to return to a monthly delivery level of 50,000 vehicles by March. It is worth noting that with BYD and Tesla, two leading new energy vehicle companies, kicking off a new round of price cuts on March 1st, the "price war" in the Year of the Dragon's car market is intensifying, potentially further accelerating market reshuffling. According to incomplete statistics, as of March, 9 car companies have announced price cuts or started limited-time promotions, with the highest discount reaching 47,000 yuan. Academician Ouyang Minggao of the Chinese Academy of Engineering pointed out that from an industry perspective, the new energy vehicle market is shifting from incremental development to stock competition.
Zhitong App learned that Li Auto (02015) fell nearly 14% in the morning session, dropping 12.39% to HKD 157 as of the time of publication, with a turnover of HKD 2.086 billion.
On the news front, Li Auto announced that in February 2024, a total of 20,251 new vehicles were delivered, representing a 21.8% year-on-year increase but a 35% decrease from the previous month. Li Auto's Chairman and CEO, Li Xiang, stated that with the release and delivery of new models (IDEAL MEGA and the 2024 IDEAL L series), our goal is to return to a monthly delivery level of 50,000 vehicles by March.
It is worth noting that with BYD and Tesla, two leading new energy vehicle companies, kicking off a new round of price cuts on March 1st, the "price war" in the Year of the Dragon's car market is heating up, potentially further accelerating market reshuffling. According to incomplete statistics, since March, 9 car companies have announced price cuts or started limited-time promotions, with the highest reduction reaching 47,000 yuan. Academician of the Chinese Academy of Engineering, Ouyang Minggao, pointed out that from an industry perspective, the new energy vehicle market is transitioning from incremental development to competitive inventory.