Why did Li Auto stock fall today? Concerns over the Chinese economy
JUN LI
Li Auto (NASDAQ:LI) fell sharply on Wednesday on a rough day overall for the electric vehicle sector. The Chinese EV stock ended the day with a 5.49% skid to land at $22.30. The decline is being attributed to the general concerns of investors on the impact of higher interest rates and a potentially weak China economy on high-growth stocks.
Beijing-based Li Auto (LI) is coming off a strong month that saw it deliver 16,620 vehicles to buyers in February, which was up 9.8% from the level in January and 97.5% than deliveries in the same month a year ago.
The Seeking Alpha Quant Rating on Li Auto (LI) is still flashing Buy and the consensus rating from Wall Street analysts is Strong Buy.