(Yicai Global) Sept. 27 -- Chinese electric vehicle startup Li Auto cut its forecast for third-quarter deliveries by as much as 12.1 percent, saying it expects to hand over fewer cars than planned because of supply chain constraints resulting from a switch to newer models.

Li Auto now expects to deliver 25,500 vehicles in the three months ending Sept. 30, down from a previous estimate of between 27,000 and 29,000, the Beijing-based firm said yesterday. The automaker will continue to work closely with partners to resolve supply chain bottlenecks and speed up production, it said, without specifying which components were affected.

Late last month, Li Auto began to deliver the L9, which is priced at more than CNY400,000 (USD55,850), with the Li One, its first flagship model, gradually exiting the market. But deliveries of the L9 have been delayed mainly because of setbacks at a range extender plant in Mianyang, Sichuan province, the company noted.

Li Auto's third-quarter target is lower than rivals' plans and its own second quarter, when it delivered 28,686 vehicles. Nio aims to hand over 31,000 to 33,000 units, the most ever for a single quarter, while Xpeng Motors expects to deliver between 29,000 and 31,000, up 13 percent to 21 percent from a year earlier.

Despite the revised outlook, Li Auto's stock [HKG: 2015] jumped 4.3 percent in Hong Kong today to finish at HKD103.50 (USD13.18). Its New York-traded shares [NASDAQ: LI] gained 5.6 percent yesterday to end at USD26.39 apiece.

Editor: Futura Costaglione