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China's Li Auto shows pulse despite its self-drive tech woes

Chip shortage and COVID cloud brief uptick, as shares still down 33% in 2021

Shares in Li Auto soared on Wednesday despite the Chinese electric automaker announcing a slide back into loss and admitting its self-driving technology is not as good as that of its rivals.

The strong one-day rise indicates that investors see potential in the Nasdaq-listed automaker, which beat expectations but still posted a net loss of 360 million yuan ($56 million) for the first quarter, reversing the 107.5 million yuan net profit it booked in the prior quarter and widening its 77.1 million yuan loss from the same period last year.

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