Li Auto Rises 5% Despite Lowering Q3 Outlook

(RTTNews) - Shares of Li Auto Inc. (LI) are rising more than 5% Monday morning despite the Chinese EV maker having lowered its third-quarter vehicle delivery outlook.

Li said it expects to deliver 25,500 in the third quarter, lower than the previous outlook of 27,000-29,000 units, due to supply chain issues.

"The revision is a direct consequence of the supply chain constraint, while the underlying demand for the Company's vehicles remains robust. The Company will continue to closely collaborate with its supply chain partners to resolve the bottleneck and accelerate production," Li said in a statement.

LI, currently at $26.43, has traded in the range of $16.86-$41.49 in the last 1 year.