Hong Kong Stock Market Update | Li Auto drops more than 4% in the afternoon. Li Auto reduces prices for all models or starts product updates ahead of schedule.

Li Auto fell more than 4% in the afternoon, as of the time of writing, it fell 3.98% to HKD 115.98, with a turnover of HKD 613 million. On the news front, on January 12th, Li Auto launched a New Year promotion for the L7/L8/L9 series. This time, the price range was reduced by RMB 35,000 to RMB 38,000, with the starting price of the L7 reduced to RMB 286,900, the first time it has fallen below RMB 300,000. It is reported that this price reduction is to clear inventory and prepare for the launch of the new L7, L8, and L9 models in March. In addition, Li Auto's sales in the first week of the new year showed that the weekly sales of the WENJIE model were 5,900 units, ranking first. Li Auto's weekly sales plummeted to 4,300 units, a decrease of nearly 10,000 units compared to last week's 14,100 units. There are rumors that some Li Auto sales personnel have indicated that certain models have been affected by adjustments to the vehicle purchase tax policy, and news of product upgrades may have triggered consumer hesitation.