Li Auto's Share Price Plunges on First Day of New L9 Launch

[Market Volatility] On the first day of the new L9 launch, Li Auto’s Hong Kong-listed shares plummeted by 14.15%, wiping out over HK$20 billion in market value in a single day.

Core Development: Capital Markets Reassess Li Auto's Fundamentals

On May 18, 2026, the day the all-new L9 debuted, Li Auto’s Hong Kong stock price plunged 14.15%, while its U.S.-listed shares also dropped nearly 10%. The decline continued for three consecutive days, hitting a three-year low. Its current market cap stands at just HK$140 billion, down HK$220 billion from its peak.

Key Metrics: Institutions Turn Bearish on Sales and Premium Pricing Power

Citigroup forecasts monthly sales of the new L9 at only 5,000 units (4,000 Ultra trims + 1,000 AI trims) and notes that its “value proposition is merely on par with competitors,” making it unlikely to reclaim its former status as a “game-changer.” JPMorgan concurrently issued an underweight rating.

Strategic Foundation: Fierce Competition Erodes Extended-Range EV Advantages

The six-seater SUV segment has become a blood-red ocean, with formidable rivals like the AITO M9, XPeng X9, and NIO ES9 closing in. Li Auto now has zero room for error. Its once highly profitable formula—centered on “refrigerators, large screens, and plush sofas”—is being rapidly replicated and surpassed across the industry.