On Monday, Li Auto (LI.US) shares opened sharply lower, falling nearly 10% and extending a three-day decline to 16%, with the stock trading at $16.72. The sharp drop is widely attributed by Wall Street analysts to the high pricing of the newly launched L9 Livis edition, which was introduced a week ago at a starting price of 509,800 yuan. Analysts point to sustained pressure on the company's fundamentals, including a year-on-year plunge of 85.8% in net profit for 2025, continuous declines in sales of its main vehicle models, and the breakdown of its previous high-margin, high-certainty growth narrative. This is compounded by profit compression from industry-wide price wars and rising costs, as well as market concerns over slower-than-expected progress in its transition to pure electric vehicles. These factors collectively triggered a wave of panic selling, leading to a significant drop in the stock price.