Key TakeawaysLi Auto's earnings sank as the Chinese electric vehicle maker faced higher costs and tougher competition because of a drop in EV demand.The company explained that it faced intense competition in the second quarter.Li Auto's expenses rose as it ramped up production of its new Li L6 SUV. American depositary receipts (ADRs) of Li Auto (LI) cratered Wednesday after the Chinese electric vehicle (EV) manufacturer's profit sank on higher costs and price cuts as slumping EV demand increased competition ...