BUZZ-China's Li Auto falls amid competition concern on new model launch

Reuters04-19

** Hong Kong shares of Li Auto drop 8.5% to HK$105, their lowest since late-Jan

** Stock is biggest pct loser in Hang Seng Tech Index

, Hang Seng China Enterprises Index and Hang Seng Index , which are down between 1%-2.4%

** Co launches its L6 Pro and Max premium family SUV at 249,800 yuan ($34,509.44) and 279,800 yuan respectively with deliveries in April

** Citi says model pricing is reasonable given adequate configurations of the variants and co may launch an Air variant with lower pricing in the future depending on market competition

** "We expect intensified competition and a price war for BEVs (battery electric vehicles) to start to impact Li Auto in 2024 when it launches BEVs, and given Li Auto still differs from BYD which has a dominant cost advantage" - Citi

** Rivals NIO , BYD , Geely , Xpeng and Leapmotor down between 1.5% and 7.7%

** Li Auto's Hong Kong stock down 26.8% YTD, U.S.-listed shares down 22% YTD

($1 = 7.2386 Chinese yuan renminbi)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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