Li Auto, Tesla’s closest competitor in China’s electric-car market, reported weaker than expected results for the first quarter as deliveries failed to match expectations and margins came under pressure amid a bruising price war.
The premium electric-vehicle (EV) maker said earnings fell 37 per cent to 591.1 million yuan (US$81.7 million) from a year earlier, according to a Hong Kong stock exchange filing on Monday. They declined 90 per cent from the final quarter of 2023.
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