On September 2, LI AUTO-W fell 3.36% in regular trading, trading at HK$45.48/share, with turnover of approximately HK$77.25 million. The decline was driven by disappointing August delivery data compounded by lingering concerns over significantly below-consensus Q3 guidance.

The company reported August deliveries of 37,679 vehicles on September 1, bringing cumulative lifetime deliveries to over 1.8 million units. Combined with July deliveries of 30,468 units, the Q3 total through August stands at roughly 68,000 units, while management guided for 95,000 to 100,000 units for the quarter, implying September must deliver 27,000 to 32,000 units — a potentially steep sequential decline that has raised market skepticism over guidance achievability.

Adding to the pressure, the Q2 earnings report released on August 26 showed an adjusted loss per ADS of RMB 1.49, far worse than the RMB 0.49 loss analysts expected. Q3 revenue guidance midpoint of approximately RMB 27.3 billion fell roughly 15% below the consensus estimate of RMB 32.3 billion, prompting multiple investment banks including Goldman Sachs, CICC, and Jefferies to lower their target prices. The broader auto sector also traded lower, with NIO-SW down 5.41% and XPENG-W down 2.97%.

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