Li Auto forecasts second-quarter revenue of up to RMB 7.04 billion ($1.11 billion) on Tuesday, far below the average analyst estimates compiled by Bloomberg of RMB 11 billion. China’s ongoing Covid outbreaks and related lockdown measures have weighed heavily on local supply chains, impacting the forecast. Driven by strong local demand, the automaker posted first-quarter revenue of RMB 9.56 billion for 2022 Q1, up 167.5% year-on-year, with net loss narrowing significantly to RMB 10.9 million from RMB 360 million a year earlier. President Shen Yanan said that over half of the company’s suppliers have resumed operations following widespread lockdown measures but warned that supply uncertainties could continue to affect production. [Li Auto release]