Li Auto Sinks on Q1 Profit Slump

KEY TAKEAWAYSChinese EV manufacturer Li Auto posted a 36% year-over-year drop in first-quarter profit as it lowered car prices.The company said its profit attributable to shareholders was 592.6 million yuan ($82.0 million, well below analysts' forecasts.However, revenue was up by 36% at CNY25.63 billion, including a 32% jump in vehicle sales to CNY24.3 billion. American depositary receipts (ADRs) of Li Auto (LI) are down 14% in intraday trading Monday after the Chinese electric vehicle (EV) manufacturer pos ...