Li Auto reports lower Q2 profits and forecasts a drop in Q3 due to increased competition.

Li Auto, a Chinese electric vehicle maker, reported lower second-quarter profits and revenue, down 0.9% and 4.5% respectively, to ¥1.09 billion and ¥30.25 billion. Despite a 2.3% increase in vehicle deliveries to 111,074 units, the company forecasts a significant drop in third-quarter deliveries and revenue, citing heightened competition. Li Auto also operates 530 retail stores and 511 servicing centers across 151 cities.