What in the world is going on with $LI Auto?

LI Auto is a chinese EV/hybrid car manufacturer that is currently up nearly 25% on the year and nearly at all-time highs, while similar chinese EV companies $NIO Inc(NIO.US)$ and $XPeng(XPEV.US)$ are DOWN -34% and -36% YTD. US EV auto makers are all down big YTD as well ( $Tesla(TSLA.US)$ , $Rivian Automotive(RIVN.US)$ , $Lucid Group(LCID.US)$ , etc.).
I've dove into the both the technical chart analysis and the financials of $Li Auto(LI.US)$ , and this stock is by all accounts incredibly overvalued and overbought. The P/S ratio is absurd currently (even given their growth), and their market cap is closing in on $Ford Motor(F.US)$ .
HOWEVER, I'm well aware that this stock doesn't trade on fundamentals, and more importantly I'm aware that the CCP has chosen this are their darling out of the big 3 Chinese EV makers. And given the chinese economy reopening, the bullish recoveries of chinese stocks ( $Alibaba(BABA.US)$ $BABA-SW(09988.HK)$ , $JD.com(JD.US)$ etc), and potentially a big market bounce coming if the CPI data is good, could LI pull what UPST did in the fall of last year? Where it looks like the most obvious short on the market and it squeezes up further and further adding billions to their market cap?