Let's revisit, the judgment from a month ago was still accurate.

However, Li Auto has indeed been unlucky, with one issue after another since starting pure electric vehicles.

A month has passed, and Li Auto's fundamentals haven't changed,

this company has entered a phase of low performance.

There are three questions to consider when judging Li Auto's stock price:

1. Can the major refresh of the L series revive sales?

Personally, I think it's very difficult. There are too many players in the extended-range market, and the form of new energy vehicles is rapidly converging. Even the best product managers will run out of tricks.

Leapmotor's attempt to push prices and Xiaomi's new extended-range models will make Li Auto's extended-range path increasingly difficult.

2. Will the i series be a new support for Li Auto's stock price?

There's no doubt that the i series will definitely be a new growth point for Li Auto. The order numbers for the i6 seem decent, and the delivery performance of the i8 and i6 in Q4 will be an important indicator for Li Auto's stock price over the next three months. With the weekly rankings currently suspended, a concrete judgment will have to wait for October sales figures to come out this weekend. But one thing is certain: if the i series continues to underperform in Q4, the stock price will still decline.

Personally, I see two major risks for the i series: design and 5C ultra-fast charging.

Once competitors exploit these to form a consensus among the public, the i series can be declared dead.

3. Can Li Auto still maintain high gross margins and net profits?

These two factors are actually the fundamental support for Li Auto's stock price to remain high. High gross margins will likely decline due to price discounts on the L series and lower-priced models. If the i series can't provide enough support, quarterly losses might just be a matter of time.

The above are just my humble opinions.