Li Auto-W (02015) fell more than 4%, hitting a record low of HK$43. As of press time, the stock was down 4.35% at HK$43.08, with a turnover of HK$66.8308 million.

On the news front, Li Auto ranked at the bottom of mainstream new energy vehicle delivery rankings in September, delivering 31,817 new vehicles, down 6.29% year-on-year and 15.56% month-on-month.

Notably, Li Auto completed the launch of multiple new products in September: the new-generation MEGA was launched on September 2; the all-new L9 was launched in Dubai on September 3, entering the Middle East market; and the pure electric model i9 was launched on September 16. The 2026 Li i6 will be launched in October and will make its European debut at the Paris Motor Show, marking its entry into the European market.

Li Auto previously guided for third-quarter deliveries of 95,000 to 100,000 vehicles, with a midpoint of 97,500 units, about 20% below the market consensus of approximately 122,000 units; revenue guidance was RMB 26.6 billion to 28 billion, with a midpoint of RMB 27.3 billion, about 15% below the market consensus of RMB 32.3 billion.

BOCOM International expects operational improvement to more likely begin from 4Q26, but the extent of recovery still depends on whether new products can ramp up volume and whether the L6 base can stabilize.