American depositary receipts (ADRs) of Li Auto Inc. (LI) sank more than 7% in intraday trading Thursday as the Chinese electric vehicle (EV) maker slashed its current-quarter delivery esti🧔mate amid slowing demand. 

The company announced that “due to lower-than-expected order intake,” it was reducing its current-quarter deliveries to between 76,000 and 78,000. Previously, it predicted a range of 100,000 to 103,000 EVs.

澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) Li Xiang blamed the decline on two main factors. The first was a “mis-paced” operating strategy for its Li Mega, a minivan launched March 1 that the company claims is the world’s biggest passenger EV. Li Xiang said that the company planned operations of the Li Mega “as if the model had 💯already entered the 1-to-10 scaling phase, while 🔯in fact, we were still in the nascent 0-to-1 business validation period.” 

The second issue, according to the CEO, was that Li ꦿAuto put too much emphasis on sales volume and competition, which distracted the company from what it excels at, which is “creating value for our users and driving operating efficiency.”

He added that Li Auto will “restore sustainable grow♌th by refocusing on enhancing user value” as it maintains “o♉perating efficiency.”

Li Auto ADRs were down about 7.6% at $31.48 as of about 3 p.m. ET Thursday, and have lost almost 12% of their value so far in 2024.