Not so long ago, China’s answer to Tesla looked set to be one of two companies: Li Auto or Nio. The hope that these companies would start generating sales in line with the US electric vehicle maker sparked a years-long rally in their shares from 2020.
Shares of Nio rose more than 1,000 per cent in 2020 alone while shares of Li Auto traded at over 200 times forward earnings at its 2022 peak. Now the two face diverging fortunes following an unexpected shift in local consumer trends.
Li Auto shares on Tuesday fell more than 19 per cent in Hong Kong after the company reported first-quarter vehicle sales of Rmb24.25bn ($3.4bn), missing estimates. Net income of Rmb1.3bn also missed expectations.
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