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Li Auto Inc. Announces Appointment of New Independent Director

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Li Auto Inc. (Nasdaq: LI) appointed Mr. Zheng Fan as an independent director on October 22, 2020. Mr. Fan will serve on the audit, compensation, and nominating committees. This addition brings the Board to six members, including Xiang Li and Yanan Shen. Mr. Fan has a background as vice president of Autohome Inc. (NYSE: ATHM) and co-founder of PCPOP.COM, offering valuable experience to Li Auto. The company, known for its innovation in China's new energy vehicle market, aims to expand its premium smart electric SUV product line following the successful launch of its Li ONE model.

Positive
  • Appointment of Zheng Fan expected to enhance board diversity and expertise.
  • Mr. Fan's experience in the automotive sector may contribute to better strategic decisions.
Negative
  • Potential concerns about continuity and experience gaps with the new appointment.

BEIJING, China, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced the appointment of Mr. Zheng Fan as a new independent director to the Company’s board of directors (the “Board”), effective October 22, 2020. Mr. Fan will also serve as a member of the audit committee, compensation committee, and nominating and corporate governance committee of the Board. Upon the appointment of Mr. Fan, the Board consists of six members: Mr. Xiang Li, Mr. Yanan Shen, Mr. Tie Li, Mr. Xing Wang, Mr. Hongqiang Zhao, and Mr. Zheng Fan.

Prior to joining the Board of Li Auto, Mr. Fan served as co-founder and vice president of Autohome Inc. (NYSE: ATHM) from 2005 to 2016. Prior to that, Mr. Fan served as co-founder and vice president of PCPOP.COM from 2000 to 2005. Mr. Fan received a bachelor’s degree from Hebei University of Science and Technology in 1999.

About Li Auto Inc.

Li Auto Inc. is an innovator in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric SUVs. Through innovative products, technology, and business model, the Company provides customers with safe, convenient, and cost-effective mobility solutions. Li Auto is the first to successfully commercialize extended-range electric vehicles in China. The Company started volume production of its first model, Li ONE, in November 2019. With Li ONE, the Company leverages its in-house technology to create value for its customers, focusing on range extension, smart technology, and autonomous driving solutions. Beyond Li ONE, the Company aims to expand its product line by developing new vehicles to target a broader consumer base.

For more information, please visit: http://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles, Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: ir@lixiang.com

The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: Li@tpg-ir.com

Brandi Piacente
Tel: +1-212-481-2050
Email: Li@tpg-ir.com

FAQ

Who is the new independent director of Li Auto appointed on October 22, 2020?

Zheng Fan is the new independent director of Li Auto, appointed on October 22, 2020.

What committees will Zheng Fan serve on at Li Auto?

Zheng Fan will serve on the audit committee, compensation committee, and nominating and corporate governance committee.

What is Zheng Fan's background before joining Li Auto's Board?

Zheng Fan was co-founder and vice president of Autohome Inc. from 2005 to 2016 and co-founder of PCPOP.COM from 2000 to 2005.

How many members are on Li Auto's Board after Zheng Fan's appointment?

After Zheng Fan's appointment, the Board consists of six members.

What is the significance of Zheng Fan's appointment for Li Auto?

Zheng Fan's appointment is expected to enhance the Board's diversity and bring valuable experience in the automotive sector.

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