JPMorgan downgraded Li Auto (LI) to Underweight from Neutral with a price target of $14, down from $18. The firm sees China’s auto industry underperforming in 2026 year as underlying passenger vehicle growth slips to negative territory. JPMorgan cut Li’s earnings forecast to loss this year citing falling sales volumes and weaker margins. The company’s lack of new models is a concern, the analyst tells investors in a research note.
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