Li Auto Inc. Announces Voluntary Recall
Li Auto Inc. (Nasdaq: LI) announced a voluntary recall for 10,469 Li ONE vehicles produced before June 1, 2020, to replace the front suspension control arm ball joint. This action, effective November 7, 2020, aligns with PRC State Administration for Market Regulation requirements. Vehicles manufactured after June 1, 2020, already have the upgraded part. The replacement process is expected to be completed within three months, reflecting Li Auto’s commitment to user safety and service quality.
- The company is proactively addressing safety concerns through a voluntary recall.
- Li Auto is adhering to regulatory requirements, showcasing compliance and responsibility.
- The recall process aligns with a previously announced vehicle upgrade plan, streamlining operations.
- The recall affects a significant number of vehicles, potentially impacting consumer confidence.
- This situation could lead to increased operational costs and resource allocation to manage the recall.
BEIJING, China, Nov. 06, 2020 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced a voluntary recall on some of its Li ONEs.
Effective on November 7, 2020, the Company will start to replace, free of charge, the control arm ball joint of the front suspension on 10,469 Li ONEs produced on or before June 1, 2020, in accordance with the requirements by the PRC State Administration for Market Regulation (“SAMR”). Li ONEs produced after June 1, 2020 are already equipped with an upgraded version of the control arm ball joint of the front suspension. The Company’s replacement plan as part of this voluntary recall, while strictly adhering to the SAMR requirements, is the same as the vehicle upgrade plan that the Company proactively initiated and announced on November 1, 2020. The Company expects to complete the replacement within three months.
As a user-driven automotive and technology enterprise, Li Auto always puts its users as its highest priority, and will continue sparing no efforts to provide its users with safer, more convenient and more value-added products and services.
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
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