05:51 AM EDT, 03/21/2024 (MT Newswires) -- Li Auto ( LI ) said Thursday it now expects Q1 vehicle deliveries of between 76,000 and 78,000, lower than the previous forecast of 100,000 to 103,000 vehicles.

The company said the revised outlook is due to "lower-than-expected order intake."

Li Auto ( LI ) Chief Executive Officer Xiang Li said the company's operating strategy for its Li MEGA vehicle was "mis-paced," and moving forward, it plans to shift its focus on its core user group and target cities with more purchasing power.

Li Auto ( LI ) shares were down more than 8% in premarket activity.

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