Shanghai lockdown deals blow to EV maker Li Auto's Q2 revenue

Supply chain snarls make normal production 'impossible': president

Chinese electric carmaker Li Auto's forecast for second-quarter revenue misses analysts' estimates. © Reuters

CISSY ZHOU, Nikkei staff writer

May 11, 2022 01:29 JST

HONG KONG -- Chinese electric vehicle startup Li Auto expects second-quarter revenue to underperform analysts' estimates by up to 44%, co-founder and President Kevin Shen said, blaming China's monthslong lockdown of Shanghai.

The lockdown of China's largest city has "undoubtedly" caused headwinds to the entire automotive industry, Shen said in a conference call with analysts on Tuesday. The EV maker's revenue is now estimated at 6.16 billion yuan to 7.04 billion yuan ($917 million to $1.05 billion).