Li Auto, XPeng Report Earnings as New Round of Price Cuts Take Hold
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Li Auto’s (LI US) first-quarter adjusted net income likely jumped more than 12%.
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Electric vehicle makers Li Auto Inc. and XPeng Inc. report this week amid disruptive moves by rivals in their home market. On top of another round of bruising price cuts initiated by Tesla Inc., Xiaomi Corp. joined the fray with the launch of its own car with plans to expand further.
Overseas, the US is quadrupling the tariff rate imposed on China EVs, making the market untenable. Back on domestic ground, the Chinese government announced one-time subsidies aimed at getting owners of old cars to trade in for newer models, which may help sales momentum.