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Li Auto Inc. (NASDAQ:LI) shares are trading lower Monday after the company reportedly cut prices on four of its five models amid an EV price war.
The Details:
Li Auto announced on Monday that it has cut prices by approximately 5% on its L7, Li L8, Li L9, and Li MEGA models. The company also said it would offer cash refunds to owners who had bought those models earlier in 2024.
The move comes after Tesla, Inc. (NASDAQ:TSLA) and BYD also cut prices in China.
Last week, Li Auto launched the Li L6 extended range electric vehicle and said that the vehicle sold more than 10,000 units within 72 hours of its launch.
Li Auto shares are down more than 12% in the last five days and more than 33% year-to-date. The stock is approaching its 52-week low of $21.47, according to data from Benzinga Pro.
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Wall Street analysts view Li Auto on the whole as an Outperform, given the history of coverage over the past three months. Jiong Shao from Barclays in Li Auto is the most bearish, expecting a 30.36% fall in the stock in the coming year.
But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Li Auto fell 16.2%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 129.7% over the past year.
A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.
LI Price Action: According to Benzinga Pro, Li Auto shares are down 5.57% at $24.91 at the time of publication Monday.
Image: Postmodern Studio from Shutterstock
