Shen Yanan, the co-founder and president of Li Auto, has sold about $13.16 million worth of company stock this month, regulatory disclosures show, at a time when sales of its electric vehicles have dropped amid increased competition. Shen’s transactions occurred between Sept. 2 and 6 and have left him with a 1.68% stake in the company, down from 1.74%. The Chinese automaker has also prompted a customer backlash following plans to phase out its Li One crossover with price changes over the month, with its stock price falling by 20% since early August. [Jiemian, in Chinese]
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