JPMorgan cut Li Auto to 'Neutral' from 'Overweight' and slashed its target to $28, warning China's EV market may slow sooner than expected as subsidies end in 2026. FY25-26 volume and profit forecasts were trimmed 10-20%. The downgrade comes amid a rocky Li i8 SUV launch, social media backlash, and 40% July sales drop, though Li Mega deliveries jumped 330%.