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Chinese automaker Li Auto Inc. (NASDAQ:LI) has reportedly laid off multiple employees following a recall of its Mega MPV.
The automaker announced accountability measures for employees as a result of the recall, Chinese media outlet 21jingi reported on Friday, citing internal memos at the automaker. The measures affect 14 employees, with multiple employees terminated by Li.
Li Auto didn't immediately respond to Benzinga's request for comment.
The measures come following an incident last month during which a Li Mega was engulfed in flames after sparks emerged from the vehicle's chassis. The company issued a recall for over 11,411 units of the vehicle, citing coolant leakage issues.
The news comes as the company is days away from reporting its third-quarter earnings, which Li announced would be released on November 26, following which, the company will host a call with investors and analysts.
Li Auto also announced an exclusive deal with Hesai Technology (NASDAQ:HSAI) as the company’s sole supplier of LiDAR technology, which is a crucial element in Li Auto's advanced driver assistance technology, as well as autonomous driving. The agreement sees Hesai supplying LiDAR tech for all of Li Auto's upcoming models, including the “L” Series, “i” Series, and “MEGA” line.
The automaker also shared its October delivery figures, announcing it had delivered over 31,767 vehicles. Li Auto also began its operations in Uzbekistan in October, after it established its overseas HQ in Hong Kong.
Li scores well on the Value metric, while offering satisfactory Growth, but poor Momentum. For more such insights, sign up for Benzinga Edge Stock Rankings today!
Price Action: LI slipped 2.86% to $19.36 during pre-market trading, according to Benzinga Pro data.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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