© Reuters. Li Auto (LI) shares sink as Huawei enters EV area
Shares of Chinese language electrical carmaker Li Auto Inc (NASDAQ:) are beneath strain at this time, going through a close to 10% drop in share value as investor confidence wavers within the face of mounting competitors within the Chinese language EV market. Networking tools and smartphone titan Huawei has made vital investments within the EV sector and is getting ready to launch the Luxeed S7 EV in November alongside state-owned Chery Car.
Throughout a latest product launch occasion, Huawei unveiled its plans to delve into the EV market, teasing an electrical sedan and an electrical SUV, as reported by CNBC. In collaboration with automobile producers, Huawei goals to ship autos beneath the Aito model, introducing its maiden electrical mannequin, the AITO M5, earlier this yr.
Whereas Huawei expands its presence within the EV sector, Nio (NYSE:), a distinguished participant within the Chinese language EV market, is charting a unique course. Final week, Nio stunned the market by venturing into the smartphone business, unveiling its inaugural smartphone designed to enhance its EV choices.
Shares of LI are down 9.46% in afternoon buying and selling on Monday.
