Did you know that Li Auto designs, develops, manufactures and sells premium smart electric vehicles in China right now
When we visited China last year we were surprised to see the high number of electric vehicles (EV) on their city roads. One EV brand that caught our eye was ‘Li Auto’ and this was simply because the day we arrived we visited a nearby shopping mall and there was a Li Auto vehicle exhibition.
Through innovations in product, partnerships and technology, Li Auto is a pioneer to successfully commercialize extended-range electric vehicles in China and have started turning a profit (first Chinese EV startup to be profitable).
Fast forward to May 2024, last week, we get whispers that Li Auto is looking to enter the ASEAN market with Malaysia in its sights. More information will be shared in coming months when we get it.
Meanwhile, the Company started volume production in November 2019. Its current model lineup includes Li MEGA, a high-tech flagship family MPV, Li L9, a six-seat flagship family SUV, Li L8, a six-seat premium family SUV, Li L7, a five-seat flagship family SUV, and Li L6, a five-seat premium family SUV. The Company leverages technology to create value for its users. Li Auto recently hiked prices for a new version of the L7 Pro by 2.9 percent and the new L8 Pro by 2.8 percent.
It concentrates its in-house development efforts on its proprietary range extension system, next-generation electric vehicle technology, and smart vehicle solutions while expanding its product line by developing new BEVs and EREVs to target a broader user base.
Interestingly, Li Auto launched its first pure electric model MEGA multi-purpose vehicle (MPV) a few weeks ago, which founder and CEO Li Xiang expects to become the Chinese electric vehicle startup’s top seller among cars priced above half a million yuan.
Li Auto’s new Mega model boasts three OLED screens, AI-based voice commands, professional audio speakers, massaging seats, and a car fridge. It will also feature assisted driving technology like their existing models.
The company also unveiled some higher-priced new versions in its existing L series at the recent Beijing Motor Show (2024), despite a protracted price war in the sector and announced plans to invest at least 6 billion yuan (USDS833.6 million) in the coming years to build more than 5,000 directly operated 5C charging stations.
Li Auto has shipped over 680,000 cars to date and 2023 was a successful year for deliveries, but the monthly sales figures have been showing a downward trend recently.
While the Mega is, well mega, it will be entering one of the most competitive EV markets in the world. Chinese automakers are currently engaged in intense competition in the electric vehicle market, with companies such as BYD Co. vying for dominance at both ends of the spectrum.
