Li Auto Shares Slide After Cutting Q3 Delivery Outlook

Chinese electric vehicle manufacturer Li Auto Inc LI has lowered its delivery outlook for Q3 of FY21, citing a slower than expected recovery of the chip supply.
The production of chips dedicated to the company's millimeter-wave radar supplier has been severely hampered due to the COVID-19 pandemic in Malaysia.
Li Auto expects Q3 vehicle deliveries of approximately 24,500 units, down from the previous outlook of 25,000 - 26,000 units.
The company reported a 155.5% Y/Y rise in vehicle sales in Q2 to RMB4.9 billion ($759.4 million).
Price Action: LI shares are trading lower by 3.92% at $27.95 in premarket on the last check Monday.