Founded in 2015, Li Auto is a China-based manufacturer that filed with the SEC last week to make its debut in the U.S. market with an offer of $ 100 million. The company began production of its first model, Li ONE, in November 2019, and it delivered more than 10,400 vehicles as of June 30. In the first quarter of 2020, Li Auto reported revenue of $ 120.3 million and a net loss of $ 10.9 million. . Currently, the company is only focused on delivering its vehicles to the Chinese market.
Unlike Tesla and NIO, whose ranges include a variety of models, Li Auto focuses on the SUV market. The company’s only model in production, the Li ONE, is a large six-seat electric SUV, and it plans to launch a full-size electric SUV in 2022. Beyond that, the company says it has the intent to grow by ‘developing new vehicles, including mid-size and compact SUV models. ”
More distinct from Tesla and NIO, Li Auto’s electric vehicles depend on both batteries and gasoline. The company’s extended-range electric vehicles are powered by a battery pack and a range-extension system, which generates electricity using an internal combustion engine.