Li Auto delivered 4,900 Li ONEs in March 2021, representing a 238.6 % year-over-year increase. This brought deliveries for the first quarter of 2021 to 12,579, up 334.4 % year over year.
Founded by Li Xiang in July 2015, Li Auto is positioned as an innovator in China’s new energy vehicle market, it designs, develops, manufactures, and sells premium smart electric SUVs. It is the first to successfully commercialize extended-range electric vehicles, or EREVs, in China.
Its first model, Li ONE, is a six-seat, large premium electric SUV equipped with a range extension system and cutting-edge smart vehicle solutions. Li Auto started the volume production of Li ONE in November 2019 and had delivered over 10,400 Li ONEs as of June 30, 2020.
Li focuses on the SUV segment within a price range of RMB150,000 (about US$21,000) to RMB500,000 (US$70,000). With their growing consumption power, families in China tend to choose SUVs for daily commutes and weekend family trips.
Li Auto History
Li Auto Inc. is a holding company with no material operations of its own. Li conducts its operations through its PRC subsidiaries and its VIEs in China.
Li established Beijing CHJ Information Technology Co., Ltd., or Beijing CHJ, and commenced its operations in April 2015.
In April 2017, Li incorporated CHJ Technologies Inc. under the laws of the Cayman Islands as its offshore holding company to facilitate offshore financing, which later changed its name to Leading Ideal Inc. in April 2019 and further to Li Auto Inc. in July 2020.
In May 2017, Li Auto Inc. established Leading Ideal HK Limited, formerly known as CHJ Technologies (Hong Kong) Limited, as its intermediary holding company.
In December 2017, Leading Ideal HK Limited established a wholly-owned PRC subsidiary, Beijing Co Wheels Technology Co., Ltd., or Wheels Technology, to engage in the research and development of smart connectivity functions and ADAS as well as general administration of the group.
Leading Ideal HK Limited later established wholly-owned PRC subsidiaries to serve various functions, including Leading (Xiamen) Private Equity Investment Co., Ltd. and Beijing Leading Automobile Sales Co., Ltd.
In December 2018, Li acquired Chongqing Lifan Automobile Co., Ltd., and later changed its name to Chongqing Zhizao Automobile Co., Ltd.
In July 2019, Li Auto Inc. gained control over Beijing CHJ, one of its VIEs, through Wheels Technology by entering into a series of contractual arrangements with Beijing CHJ and its shareholders. The contractual arrangements with Beijing CHJ were subsequently amended and restated primarily to reflect changes in the shareholding in Beijing CHJ, most recently in May 2020.
Wheels Technology also entered into a series of contractual arrangements with the other one of its VIEs, Beijing Xindian Transport Information Technology Co., Ltd., or Xindian Information, and its shareholders in April 2019.
Li primarily conducts its business in China through its VIEs based on these contractual arrangements, but the shareholders of its VIEs may have interests that conflict with us.
In October 2019, Beijing CHJ established Chongqing Lixiang Automobile Co., Ltd.
In December 2019, Li disposed of all of its equity interests in Chongqing Zhizao Automobile Co., Ltd.
Meituan-bakced EV Li Auto aims to raise US$950 million in its initial public offering of 95,000,000 American depositary shares, or ADSs. Li Auto anticipates that the IPO price per ADS will be between US$8.00 and US$10.00.