Li Auto Inc. Updates Third Quarter Delivery Outlook

Rhea-AI Summary

Li Auto Inc. announced a revised delivery outlook of approximately 24,500 vehicles for Q3 2021, down from the previous estimate of 25,000-26,000 units. The reduction is attributed to ongoing chip supply disruptions caused by the COVID-19 pandemic in Malaysia, which have slowed recovery from the chip shortage. The company is actively monitoring market conditions and collaborating with supply chain partners to mitigate these impacts.

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• None.

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• Revised vehicle delivery outlook to 24,500, down from 25,000-26,000 due to chip supply issues.
• Ongoing chip supply disruptions may impact future production and delivery capabilities.

BEIJING, China, Sept. 20, 2021 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), an innovator in China’s new energy vehicle market, today provided updated delivery outlook for the third quarter of 2021.

Due to the COVID-19 pandemic in Malaysia, the production of chips dedicated for the Company’s millimeter-wave radar supplier has been severely hampered. As the recovery of the chip supply has been slower than expected, the Company now expects its vehicle deliveries to be approximately 24,500 vehicles for the third quarter of 2021, revised from the previous outlook of vehicle deliveries between 25,000 and 26,000 units. The Company will continue to monitor the ongoing market conditions and closely work with its supply chain partners to minimize the impact of the chip shortage on its production.

About Li Auto Inc.

Li Auto Inc. is an innovator in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and refined products and services. Li Auto is a pioneer to successfully commercialize extended-range electric vehicles in China. Its first model, Li ONE, is a six-seat, large premium electric SUV equipped with a range extension system and advanced smart vehicle solutions. The Company started volume production of Li ONE in November 2019 and released the 2021 Li ONE in May 2021. The Company leverages technology to create value for its users. It concentrates its in-house development efforts on its proprietary range extension system, next-generation electric vehicle technology, and smart vehicle solutions. Beyond Li ONE, the Company will expand its product line by developing new vehicles, including BEVs and EREVs, to target a broader consumer base.

For more information, please visit: http://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles, Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: ir@lixiang.com

The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: Li@tpg-ir.com

Brandi Piacente
Tel: +1-212-481-2050
Email: Li@tpg-ir.com

FAQ

What is Li Auto's updated delivery outlook for Q3 2021?

Li Auto's updated delivery outlook for Q3 2021 is approximately 24,500 vehicles.

What caused the revision in Li Auto's vehicle delivery estimates?

The revision was caused by chip supply disruptions due to the COVID-19 pandemic in Malaysia.

How many vehicles did Li Auto initially expect to deliver in Q3 2021?

Li Auto initially expected to deliver between 25,000 and 26,000 vehicles in Q3 2021.

What steps is Li Auto taking to address the chip shortage?

Li Auto is closely monitoring market conditions and working with supply chain partners to minimize the impact of the chip shortage.