| Li Auto Inc. | |||||||||||||||||
| Former Name: | Chehejia / CHJ Auto | ||||||||||||||||
| Type: | Public | ||||||||||||||||
| Traded As: | NASDAQ: | ||||||||||||||||
| Industry: | Automotive | ||||||||||||||||
| Founder: | Li Xiang | ||||||||||||||||
| Location: | Beijing, China | ||||||||||||||||
| Products: | Automobiles | ||||||||||||||||
| Production: | 376,030 vehicles (2023) | ||||||||||||||||
| Operating Income: | billion (2023) | ||||||||||||||||
| Net Income: | billion (2023) | ||||||||||||||||
| Assets: | billion (2023) | ||||||||||||||||
| Equity: | billion (2023) | ||||||||||||||||
| Num Employees: | 31,591 (2023) | ||||||||||||||||
| Subsid: | Beijing Co Wheels Technology Co., Ltd Changzhou Chehejin Standard Factory Construction Co., Ltd | ||||||||||||||||
| Module: |
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| Footnotes: | [1] | ||||||||||||||||
Li Auto Inc. is a Chinese electric vehicle manufacturer headquartered in Beijing, with manufacturing facilities in Changzhou.[2] 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.
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 .
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.
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]
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 aLi 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]
See main article: List of Li Auto vehicles.
| 2019 | 1,000 | |
|---|---|---|
| 2020 | 33,457 | |
| 2021 | 90,491[17] | |
| 2022 | 133,246 | |
| 2023 | 376,030[18] |