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Li Auto Inc., founded by Li Xiang in 2015, is a prominent player in the electric vehicle market in China. Headquartered in Beijing with manufacturing facilities in Changzhou, Li Auto specializes in the development and production of premium smart NEVs (New Energy Vehicles), focusing specifically on electric vehicles that utilize range extenders for power supply.
In November 2019, Li Auto commenced volume production of its first model, the Li One, a large premium plug-in electric SUV with a six-seater configuration. The Li One is equipped with a sophisticated range extension system and advanced smart vehicle solutions, making it a popular choice among consumers. By 2023, Li Auto had sold over 376,000 NEVs, capturing approximately 4% of China's passenger new energy vehicle market.
Li Auto is not limited to the Li One model; the company is actively expanding its product line to include both Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), aiming to cater to a broader range of consumer needs. This strategic diversification underscores Li Auto's commitment to innovation and market leadership in the premium NEV segment.
The company's recent achievements and current projects highlight its dynamic presence in the automotive industry. For instance, Li Auto has recently launched new models and continuously updates its existing lineup to incorporate the latest technological advancements. Moreover, Li Auto's strategic partnerships and collaborations further bolster its market position, driving growth and enhancing its competitive edge.
Financially, Li Auto has demonstrated robust performance. The company's recent financial highlights for the first quarter of 2024 reveal key metrics such as revenue, cost of sales, gross margin, operating expenses, and net income. These financial results reflect Li Auto's operational efficiency and market demand for its innovative products.
For investors and stakeholders, Li Auto Inc. represents a compelling opportunity in the rapidly evolving electric vehicle market. With a strong foundation, strategic vision, and commitment to excellence, Li Auto is well-positioned to continue its growth trajectory and make significant strides in the NEV industry.
Li Auto Inc. reported its Q3 2020 financial results with total revenues of RMB2.51 billion (US$369.8 million), a 28.9% increase from Q2 2020. Vehicle deliveries reached 8,660, marking a 31.1% quarter-over-quarter increase. Gross profit rose to RMB496.8 million (US$73.2 million), up 91.3% from the previous quarter. Despite this, the net loss expanded to RMB106.9 million (US$15.7 million), a 42.2% increase from Q2. The company expects 11,000 to 12,000 vehicle deliveries in Q4 2020, reflecting continued growth.
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.
Li Auto Inc. (Nasdaq: LI) reported delivering 3,692 Li ONE vehicles in October 2020, marking a consistent increase from September. The company achieved a record number of orders, showcasing strong demand for its electric SUVs. As of October 31, 2020, Li Auto operates 41 retail stores across 36 cities in China and aims to enhance its market presence through a robust sales and service network. Year-to-date deliveries totaled 21,852 units, indicating significant growth.
Li Auto Inc. (Nasdaq: LI) has announced it will report its unaudited financial results for Q3 2020 before market opens on November 13, 2020. A conference call will be held at 8:00 A.M. EST on the same day, with registration required to participate. The company is recognized for its innovative approach in China's new energy vehicle market, focusing on premium smart electric SUVs and extended-range electric vehicles. Li Auto began production of its first model, Li ONE, in November 2019, and plans to expand its product line.
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.
Li Auto delivered 3,504 Li ONEs in September 2020, contributing to total third-quarter deliveries of 8,660 units, which reflects a 31.1% quarter-over-quarter increase. By September 30, 2020, the company operated 35 retail stores across 30 cities in China, with plans for further expansion of its sales and service network. Li Auto is focused on enhancing its product offerings and aims to target a broader consumer base while continuing to lead in the extended-range electric vehicle market.
Li Auto announced a strategic alliance with NVIDIA and Desay SV to equip its upcoming full-size extended-range electric vehicles with the NVIDIA Orin system-on-a-chip (SoC). This partnership marks Li Auto as the first OEM to integrate this cutting-edge technology, which boasts a computing power of 200 trillion operations per second (TOPS), seven times more than its predecessor. The vehicles will feature upgradeable solutions for hardware and software, aiming for Level 4 autonomous driving capabilities. Li Auto aims to lead in China's new energy vehicle sector through increased R&D in autonomous technology.
Li Auto Inc. (Nasdaq: LI) announced the appointment of Mr. Kai Wang as the Chief Technology Officer effective September 15, 2020. Mr. Wang brings 18 years of experience in automotive technology, previously serving at Visteon Corporation as global chief architect. His role will focus on advancing Li Auto's technology in intelligent vehicles and autonomous driving. The company aims to maintain its leadership in the rapidly evolving automotive industry, underscoring the significance of Mr. Wang's expertise for its future developments.
Li Auto Inc. (Nasdaq: LI) reported the delivery of 2,711 Li ONEs in August 2020, contributing to a total of 14,656 deliveries from January to August 2020. The company also achieved 6,604 deliveries in Q2 2020 and 5,156 in July and August. As of August 31, 2020, Li Auto operated 31 retail stores across 26 cities in China. The company is focused on expanding its direct sales and servicing network to enhance its geographic reach and drive further growth in the new energy vehicle market.
Li Auto Inc. (Nasdaq: LI) has successfully priced its initial public offering (IPO) of 95 million American depositary shares (ADSs) at $11.50 each, with total gross proceeds expected to reach $1.47 billion. The offering will close on August 3, 2020, subject to standard conditions. Additionally, existing shareholders plan to purchase $380 million in Class A ordinary shares via private placements. The underwriters also hold an option to buy up to 14.25 million more ADSs within 30 days post-offering.
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