Two China-based analysts covering Li Auto lowered their profit estimates for the company over the weekend, signaling growing concerns about the rising costs and slowing growth of the EV maker. China International Capital Corporation lowered its profit estimate on Li Auto by 93% to RMB 39 million ($5.6 million) for this year, citing reasons including growing expenditure for business expansion. Soochow Securities estimated that Li Auto’s net loss will widen to RMB 1.8 billion from RMB 500 million for this year, following the company’s lower-than-expected annual sales guidance. The EV maker on Friday reported a wider-than-expected loss of RMB 2.1 billion for the third quarter of 2022, compared with RMB 97.8 million for the same period of last year. [TechNode reporting]
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