LI is trading at $16.88 (9% down) in pre-market after the launch of its updated flagship L9 SUV failed to impress investors, triggering a significant sell-off in Hong Kong trading.
- Shares plunged as much as 14% in Hong Kong, marking one of the steepest single-day drops in over a year.
- Analysts, such as those at Citi, described the new L9 as "not a game changer," expressing doubt that it will be competitive enough to revive sales momentum against a backdrop of intense competition.
- The negative reception comes despite the vehicle's new features and is a setback for the company, which has been facing challenges from a slowdown in demand for plug-in hybrids.