Description
Li Auto Inc., also known as Li Xiang, is a Chinese electric vehicle manufacturer headquartered in Beijing, with manufacturing facilities in Changzhou.
Li Auto was founded in 2015 by CEO and Chairman Li Xiang, for whom it's named. The company is backed by China's largest consumer services app Meituan and Bytedance, which owns short-video app TikTok.
Unlike most other electric vehicle makers, Li Auto specializes in so-called extended range electric vehicles (EREVs), which can be powered by either electricity or gasoline. The hybrid engine compensates for China's sparse EV-charging infrastructure and serves as a better gateway for weaning consumers off of petrol-powered cars. Since shipping its first model in late 2019, the company sold around 10,000 units.
Li Auto has vehicle manufacturing, engineering, and design services located in Changzhou, Jiangsu Province with corporate headquarters and research and development located in Beijing.
Li Auto raised $1.1 billion in an IPO on Nasdaq on July 30, 2020, valuing the five-year-old electric vehicle maker at around $10 billion. The Beijing-based firm was one of latest China EV manufacturer to join the American market and comes at a time when Chinese stocks are facing greater scrutiny in the U.S.
