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Li Auto

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Li Auto Inc.
FormerlyChehejia / CHJ Auto
Company typePublic
Nasdaq: LI
SEHK: 2015
IndustryAutomotive
Founded2015; 9 years ago (2015)
FounderLi Xiang
HeadquartersBeijing, China
Key people
ProductsAutomobiles
Production output
Increase 376,030 vehicles (2023)
RevenueIncrease CN¥ 123.85 billion (2023)
Increase CN¥ 7.41 billion (2023)
Increase CN¥ 11.81 billion (2023)
Total assetsCN¥ 114.52 billion (2023)
Total equityIncrease CN¥ 60.57 billion (2023)
Number of employees
31,591 (2023)
SubsidiariesBeijing Co Wheels Technology Co., Ltd
Changzhou Chehejin Standard Factory Construction Co., Ltd
Chinese name
Simplified Chinese北京理想汽车有限公司
Hanyu PinyinBěijīng Lǐxiǎng Qìchē Yǒuxiàn Gōngsī
Business name
Simplified Chinese理想汽车
Hanyu PinyinLǐxiǎng Qìchē
Websitelixiang.com
Footnotes / references
[2]

Li Auto Inc. (Chinese: 理想汽车; pinyin: Lǐxiǎng Qìchē; lit. 'ideal car') is a Chinese electric vehicle manufacturer headquartered in Beijing, with manufacturing facilities in Changzhou.[1] Founded by Li Xiang in 2015, the company mainly builds electric vehicles that use range extenders for a power supply.[3] Li Auto has vehicle manufacturing, engineering, and design services located in Changzhou, Jiangsu with corporate headquarters and research and development located in Beijing.[1]

History

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A Li Auto showroom in Zhengzhou, Henan

In 2015, Li Xiang, founder of Chinese website PCPop and automotive website Autohome.com.cn, created a company called Beijing Chehejia Information Technology (Chehejia translates as "Car and Home"). It started its operations by developing and producing low-speed EVs that targeted car-sharing and ride-hailing services. In 2018, Chehejia reached an agreement for a joint venture with DiDi, China’s largest ride-hailing service company, but the plan collapsed shortly afterward. In the first half of 2018, Chehejia abandoned the low-speed EV project due to the lack of support from the Chinese central government for legalizing the EV category.[4]

In 2019, the holding company Chehejia Technologies, based in the Cayman Islands, rebranded itself as Leading Ideal Inc. The following year, it shortened the name to Li Auto, and the company was renamed Li Auto Inc. In Chinese, the brand is commonly known as Lixiang (理想).[4]

Li Auto Beijing manufacturing base in Shiyuan, Shunyi District, Beijing

Li Auto unveiled its first model named the Li One in April 2019, with production beginning in November of the same year. It is a range-extended electric SUV powered by a combination of a 1.2-litre three-cylinder turbocharged engine, and a 40 kWh lithium-ion battery. Production was done at its Changzhou factory, with deliveries of the vehicle commencing in early 2020.[4]

In July 2020, Li Auto made its debut on the Nasdaq stock market under the stock code "LI," raising USD 1.1 billion in its initial round of financing.[5][6] Investors of the company include Meituan and Source Code Capital.[7] Despite strong sales and significant popularity in the Chinese market, the company encountered difficulties in securing sufficient investment during its first year on the stock exchange, closing at only 70% of the anticipated value for its initial financing round.[8][9]

In October 2021, Li Auto started the construction of its second plant in Shunyi District in Beijing. This site was previously owned by Beijing Hyundai but was sold to Li Auto due to a prolonged decline in Beijing Hyundai's sales.[10]

In 2022, Li Auto underwent a comprehensive portfolio overhaul, introducing a new design language and expanding its model lineup from the existing Li One SUV to include three entirely new models. The flagship Li L9 made its debut in March,[11] followed by the L8, a shortened variant, and the L7, a smaller version without a third row of seats, presented in September.[12] During the same month, Li Auto made the decision to cease production of the Li One in October 2022, which generated a negative reaction from recent buyers of the SUV.[13]

In November 2023, Li Auto presented its fourth model, Li Mega, a full-size flagship MPV. It is the first battery electric car produced by the company.[14]

Controversy

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In the spring of 2020, the media circulated reports of users having problems with their SUV, the Li Auto One. An owner reported problems with the operation of the braking system, and just a day after this information appeared, another driver of the Li Auto One complained about the smell of smoke in the passenger compartment. The manufacturer denied that the risk of these defects affected other versions of the hybrid SUV.[15]

In July 2021, the Chinese social media Weibo circulated a video showing the discovery by one of the owners of a Li One of mercury balls, which as a substance for the production of cars is banned in China. Traces of the raw material were found in the armchair, and even more of them were found after it was removed. Li Auto representatives began an investigation immediately after the video was published, confirming its authenticity.[16]

Models

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Current vehicles

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Image Name(s) Chinese name Introduction
(cal. year) 		Vehicle description
SUV
L6 理想L6 2024 Mid-size SUV, PHEV (EREV)
L7 理想L7 2023 Mid-size SUV, PHEV (EREV)
L8 理想L8 2022 Full size SUV, PHEV (EREV)
L9 理想L9 2022 Full size SUV, PHEV (EREV)
MPV
Mega 理想MEGA 2024 Full size MPV, BEV

Discontinued vehicles

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Image Name(s) Chinese name Introduction
(cal. year) 		Discontinued Vehicle description
One 理想ONE 2019 2022 Full size SUV, PHEV (EREV)

Sales

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Sales of Li Auto
Year Sales
2019 1,000
2020 33,457
2021 90,491[17]
2022 133,246[17]
2023 376,030[18]

See also

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References

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  1. ^ a b c https://www.sec.gov/Archives/edgar/data/1791706/000104746920004077/a2241802zf-1.htm [bare URL]
  2. ^ "Li Auto Inc. Announces Unaudited Fourth Quarter and Full Year 2023 Financial Results". Li Auto. 2024-02-26. Retrieved 2024-04-14.
  3. ^ Barrett, Eamon. "How the U.S. IPO of a Chinese electric vehicle maker defied Washington's roadblocks". www.fortune.com. Fortune. Retrieved 30 November 2020.
  4. ^ a b c Breevoort, Leo (2021-09-12). "The Big Read: History of Li Auto". CarNewsChina.com. Retrieved 2024-04-13.
  5. ^ Liao, Rita (2020-07-30). "China's electric SUV maker Li Auto raises $1.1 billion in US IPO". TechCrunch. Retrieved 2022-10-03.
  6. ^ "Chinese EV startup Li Auto goes public in the US, raises $1.1 billion". Retrieved 2022-12-18.
  7. ^ "Chinese EV maker Lixiang files for U.S. IPO of at least $500 million: sources". Reuters. 2020-01-03. Retrieved 2022-12-25.
  8. ^ "Li Auto Establishes Vehicle Services Firm in Shanghai With 1B Yuan". Retrieved 2022-12-18.
  9. ^ "Tesla's China rival, Li Auto, was founded by a millennial Chinese entrepreneur named Li Xiang, and now he's a billionaire – here's how he got there". South China Morning Post. 2020-12-18. Retrieved 2020-12-18.
  10. ^ Zhang, Phate (2021-10-16). "Li Auto's 2nd plant starts construction in Beijing, production expected in 2023". CnEVPost. Retrieved 2024-04-13.
  11. ^ "L9 zadebiutuje w Pekinie. SUV plug-in z wyposażeniem premium" (in Polish). Retrieved 2022-12-18.
  12. ^ "Li Auto Inc. Unveils Li L8, Its Six-Seat, Large Premium Smart SUV for Families, and Li L7, Its Five-Seat, Large Flagship Smart SUV for Families". Retrieved 2022-12-18.
  13. ^ "Li Auto faces owner outcry as it discontinues Li ONE in Oct to make way for Li L8". Retrieved 2022-12-18.
  14. ^ "Li Auto officially unveils its 1st BEV Li Mega and starts pre-sales". Retrieved 2023-11-20.
  15. ^ "Lixiang Denies Risks of First Model after Brake Issue". Retrieved 2020-09-22.
  16. ^ "Tesla is not alone. "Mercurygate" is shaking Li Auto's reputation in China [video inside]". Retrieved 2021-07-08.
  17. ^ a b Zhang, Phate (2023-02-15). "Li Auto to report Q4 earnings on Feb 27". CnEVPost. Retrieved 2023-12-27.
  18. ^ "理想汽车2023年12月交付50,353辆" [Li Auto will deliver 50,353 vehicles in December 2023]. Li Auto. 2024-01-01. Retrieved 2024-01-03.
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