Li Auto (LI) now expects to deliver about 24,500 vehicles in the third quarter, down from the previous outlook of vehicle deliveries between 25,000 to 26,000 units.
Monday put investors in lithium and rare earth metal stocks on the edge. While Standard Lithium (NYSEMKT: SLI) and Lithium Americas (NYSE: LAC) sank 10.7% and 13.3%, respectively, by 2:30 p.m. EDT, rare earth stock MP Materials (NYSE: MP) was down 8.5% by then. With concerning news from China and an electric-vehicle (EV) manufacturer slashing its outlook on supply shortages hitting electric-vehicle stocks hard, lithium and rare earth stocks were bound to feel the heat.
Shares of Chinese electric vehicle maker Nio (NYSE: NIO) were trading lower on Monday morning amid a broad-based sell-off driven by concerns around the heavily indebted Chinese property developer China Evergrande Group (OTC: EGRNF). At 11:30 a.m. EDT, NIO's American depositary shares were down about 5% from Friday's closing price. You've probably heard that Evergrande is thought to be close to bankruptcy, that the Chinese government is thought to be unwilling to bail it out, and that its failure could have broad effects on stocks in China and possibly beyond.