Li Auto cuts Q3 delivery outlook amid chip supply shortage
Li Auto cuts its Q3 vehicle deliveries outlook to ~24,500 vehicles from the previous outlook of vehicle deliveries between 25,000 and 26,000 units.
Due to the COVID-19 pandemic in Malaysia, the production of chips dedicated for the Company’s millimeter-wave radar supplier has been severely hampered. The recovery of the chip supply has been slower than expected.
The Company will continue to monitor the ongoing market conditions and closely work with its supply chain partners to minimize the impact of the chip shortage on its production.
The company has delivered total of 18,022 vehicles in July and August.
NIO also lowered its Q3 delivery outlook on chip supply, along with the August delivery numbers.
LI -2.3% premarket to $28.4.
Li Auto Inc. Updates Third Quarter Delivery Outlook
Li Auto Inc., an innovator in China’s new energy vehicle market, today provided updated delivery outlook for the third quarter of 2021.
Due to the COVID-19 pandemic in Malaysia, the production of chips dedicated for the Company’s millimeter-wave radar supplier has been severely hampered. As the recovery of the chip supply has been slower than expected, the Company now expects its vehicle deliveries to be approximately 24,500 vehicles for the third quarter of 2021, revised from the previous outlook of vehicle deliveries between 25,000 and 26,000 units. The Company will continue to monitor the ongoing market conditions and closely work with its supply chain partners to minimize the impact of the chip shortage on its production.
Source: Li Auto