Tech

Li Auto shares jump after launch of 6-seat SUV Li L8, priced just above $56,500

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Shares of Li Auto Inc.
LI,
-8.84%

rose 6.2% in premarket trading Thursday, to bounce off the low of the previous four-month session after the China-based electric vehicle manufacturer said it was delaying the launch of its Li L8 sport utility vehicle (SUV). ) six-seat SUV (SUV) moves to September 30 due to strong demand. The company said it will unveil the Li L8 on September 30, priced below RMB 400,000 (about $56,532) with deliveries beginning in early November. “We have decided to push forward our launch date for Li L8 based on the overwhelming response from the market in anticipation of its release,” said co-founder and president Yanan Shen. Shares of Li Auto are down 37.2% in the past three months through Wednesday, while shares of rival NIO Inc.
NIO,
-10.34%

are down 18.9%, the iShares China Large-Cap ETF
FXI,
-2.66%

has lost 16.4% and the S&P 500
spx,
-1.71%

has risen 0.8%.

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