Li Auto executives face legal action

It is reported that Li Xiang, Ma Donghui and Li Tie, executive directors of Ideal Auto, are consulting legal advisers to prepare for a lawsuit. The plaintiff has tried to serve them with a complaint. The lawsuit involves issues such as false statements and omissions, and violates relevant provisions of the U.S. Securities Exchange Act of 1934. Ideal Auto believes that the lawsuit is groundless and said it will firmly defend its position. However, the company also admitted that the lawsuit may have a significant adverse impact on its business, financial condition and reputation.