Shares of Li Auto fell 5.2% to $18.26 on May 15 — the very day the company officially launched its most ambitious vehicle yet — as a broad tech sell-off and classic "sell the news" dynamics collided. Stocks fell Friday, bogged down by losses in technology stocks and a rise in Treasury yields, with the S&P 500 shedding 1% and the Nasdaq losing 1.4%. Li Auto's drop far outpaced the market, suggesting company-specific pressure compounded the macro drag.
The Flagship Launched at Lower Prices Than Expected — But That Cuts Both Ways. The new L9 is offered in Ultra and Livis trims priced at RMB 459,800 and RMB 509,800, respectively. That Livis price is roughly RMB 50,000 below the pre-sale sticker of RMB 559,800 floated in February, when the Livis variant was priced at RMB 559,800. Cheaper is good for volume, but investors may read the cut as a concession to brutal competition from Zeekr, Aito, and NIO in the premium SUV segment.
The Old L9 Collapsed Before the New One Arrived. The sharpest decline came from the Li L9, which delivered just 452 units in April — a near-total freeze as buyers waited. Li Auto delivered 34,085 vehicles in April, representing a marginal 0.43% increase year-over-year , with the Li L6 plunging 66.82% year-on-year. The company's budget electric SUV now accounts for over 60% of sales, a mix shift that pressures average selling prices.
A 2025 Hangover Still Shadows the Recovery Story. Throughout 2025, Li Auto delivered 406,343 vehicles, marking an 18.81% year-on-year decline, making it one of the few EV startups experiencing sales contraction. Management has targeted ~490,000 units for 2026, meaning roughly 20% year-on-year growth. Q1 deliveries of 95,142 beat guidance, exceeding the upper end of 85,000–90,000 units , but sustaining that pace requires the new L9 to ramp fast. Earnings on May 28 will be the first real test.
Wall Street Isn't Convinced This Changes the Math. Ten analysts carry a consensus "Hold" rating with an average price target of $19.66; the lowest target sits at $15.50 and the highest at $25.
Weakening 2025 operating results, deteriorating cash generation, and an expensive valuation given profitability volatility keep the Street cautious. With the stock now 43% below its 52-week high of $32.03, the launch needed to exceed expectations — and today's price action suggests it didn't.