) said it has postponed plans to launch pure electric SUV models to next year, citing hurdles such as a lack of enough fast chargers, sending its shares down more than 17% on Tuesday.
"Enough charging stations and enough incremental display spots are two critical and necessary conditions for selling our BEV SUV product," chief executive Li Xiang told an earnings call late on Monday, referring to battery-powered EVs. Li Auto had pinned its hopes on the Mega MPV that touts a streamlined bullet-style shape to outsell any model priced above 500,000 yuan in China. The company delivered more than 3,000 units of Mega in March, while analysts had expected monthly sales of 8,000 units.
The company reported a 37% fall in first quarter profit, which Li said was below his expectation at the beginning of the year.Li Auto had installed more than 400 fast charging stations in China by mid-May. By contrast, Tesla has nearly 2,000 Supercharging stations in the country, while Nio has more than 2,200 fast charging stations and 2,415 battery swapping stations available for its EV users for rapid power up.
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