Macquarie Downgrades Li Auto to ‘Underperform’

Macquarie analyst Eugene Hsiao downgraded on August 22, 2025, Li Auto’s rating from ‘Neutral’ to ‘Underperform’, with an updated price target of $21 (from $28).

“Q2 sales and profits are set to miss lagging sell-side consensus alongside Q3 volumes also trending weaker than Street forecasts.

Key catalyst in the near-term will be a successful launch of i6 BEV in Sept. against popular competing BEV SUVs like Model Y and YU7.

We lower our volume estimates and cut our FY26E P/E to 2yr-avg 13.0x; our TPs decline to HK$82/US$21;

Downgrade to Underperform.”

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