Li Auto (NASDAQ:LI) stock is falling on Monday after the electric vehicle (EV) company announced plans to reduce the price of its products amid stiff competition in the EV space.
Li Auto is reducing the price on four of its five models in a bid to better compete with rival EV companies. It’s also offering refunds for customers who ordered the models at higher prices.
The price cuts have Li Auto dropping the purchase sticker for its Li L7, Li L8, Li L9 and Li Mega models.
LI Stock: Li Auto Launches New EV
Li Auto also released a new EV last week before announcing these price cuts. This is its Li L6. The five-seat premium family SUV isn’t included in the latest round of price cuts announced by the EV maker.
News of the price cuts are weighing on LI stock today. That has shares down 5.8% as of Monday morning. Alongside this is some 6 million shares changing hands. That’s still below its daily average trading volume of about 8 million shares but closing in fast.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
