Why Tesla Rival Li Auto Stock Is Falling Sharply Today

Li Auto Inc LI shares are trading lower by some 7.12% to $21.91 Wednesday afternoon. China Passenger Car Association reported an increase in NEV sales but a decline in passenger vehicle sales for the first two months of the year. 

Per a report by Reuters, EV sales in February of 1.42 million units were 10.4% higher than a year earlier. Li Auto rival Tesla Inc TSLA meanwhile accounted for 11.5% of EV sales in February in China.

Shares of Li Auto may also be down amid Chinese market weakness on U.S. rate hike fears and soft economic data out of China.

See Also: What's Going On With Snap Shares?

What Else Is Going On In China Lately?

Foreign Minister Qin Gang, during a meeting with the media, warned the U.S. of catastrophic consequences if it continues "on the wrong path."

If the US does not "hit the brakes, and continues on the wrong path, there will surely be conflict and confrontation," Gang said, according to The South China Morning Post...Read More

According to data from Benzinga Pro, Li Auto Inc has a 52-week high of $41.49 and a 52-week low of $12.52.