Category: Li Auto

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China NEV insurance registrations for week ending Jul 2: Tesla 17,400, Li Auto 6,500, Nio 4,100

's sales of 4,100 units last week are second only to in the table.

Li Auto (NASDAQ: LI) shares last week's sales of major new car makers in China, showing how it and its major peers fared.

For the week of June 26 to July 2, Li Auto sold 6,500 units, continuing to top the sales chart for China's new car-making brands, the company said today on Weibo.

Li Auto did not explain on what basis the weekly sales were measured, but apparently they were insurance registrations. The company had suspended sharing those numbers in May, but has since resumed sharing them.

In June, Li Auto exceeded 30,000 monthly deliveries for the first time, making it the fifth luxury brand to exceed 30,000 monthly deliveries after Mercedes-Benz, BMW, Audi and , and the only Chinese luxury brand among them, it said.

In July, Li Auto will challenge higher sales targets to become the luxury car brand of choice for more families, the company said.

Li Auto released data on July 1 showing it delivered a record 32,575 vehicles in June, the first time it has surpassed the 30,000 mark.

In the second quarter, Li Auto delivered 86,533 vehicles, up 201.65 percent year-on-year and up 64.56 percent from the first quarter, exceeding the upper end of its previously provided guidance range of 76,000 to 81,000 vehicles.

In the first half of the year, Li Auto delivered 139,117 vehicles, up 130.31 percent year-on-year, surpassing last year's full-year deliveries of 133,246.

Nio (NYSE: NIO) sold 4,100 units last week, second only to Li Auto among China's new car-making brands.

Nio delivered 10,707 vehicles in June, up 73.96 percent from 6,155 in May, although down 17.39 percent from 12,961 in the same month last year.

The deliveries included 6,383 SUVs, and 4,324 sedans, Nio said on July 1, without disclosing figures for specific models.

In the second quarter, Nio delivered 23,520 vehicles, down 6.14 percent from a year ago and down 24.23 percent from the first quarter. The deliveries were slightly above the lower end of the guidance range it provided on June 9 of 23,000 to 25,000 vehicles.

In the first half of the year, Nio delivered 54,561 vehicles, an increase of 7.35 percent year-on-year.

Nio's delivery rebound in June was helped by the start of deliveries of several new models, especially the new ES6.

The company launched the new ES6, based on the NT 2.0 platform, in China on May 24, with deliveries starting on launch night.

On June 15, Nio launched the ET5 Touring in China, with deliveries starting on June 16.

On June 28, Nio began deliveries in China for the new ES8, the flagship SUV launched on Nio Day 2022 on December 24, 2022.

Tesla (NASDAQ: TSLA) sold 17,400 units last week, ranking fourth among premium brands, according to the table shared by Li Auto.

The top-selling premium brands in China last week continued to be German luxury brands BMW, Audi and Mercedes-Benz, with 20,800, 20,500 and 19,600 respectively.

Li Auto was No. 6 in premium brand sales, behind Cadillac. Nio was No. 9, behind Volvo and Lexus.

Leapmotor was at 3,400 last week, at 3,200, at 3,100 and (NYSE: XPEV) at 2,700.

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China Electric Electric cars eMobility eV Li Auto Li L7 Li MEGA Quick News Sales

Li Auto delivered 32,575 vehicles in June, up 150% than June 2022

In the first half of 2023, the cumulative delivery of Li Auto reached 139,113 vehicles, a yearly increase of 130%. Li Auto's sales in the first half of 2023 has already exceeded the sales for the whole year of 2022.

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China Deliveries Electric eMobility eV EV Data Li Auto Monthly Data

Li Auto delivers record 32,575 vehicles in Jun, aims for 40,000 monthly deliveries in Q4

For the third quarter, targets monthly deliveries for Li L8 and Li L9 at over 10,000 each and aspire to achieve 15,000 Li L7 monthly deliveries.

Li Auto (NASDAQ: LI) delivered a record 32,575 vehicles in June, the first time it surpassed the 30,000 mark, according to data it released today.

That's up 150.12 percent from 13,024 vehicles in the same month last year and up 15.20 percent from 28,277 vehicles in May.

In the second quarter, Li Auto delivered 86,533 vehicles, up 201.65 percent year-on-year and up 64.56 percent from the first quarter.

Deliveries for the second quarter exceeded the upper end of the guidance range it previously provided of 76,000 to 81,000 units. The company previously provided second-quarter revenue guidance of between RMB 24.22 billion yuan ($3.34 billion) and 25.86 billion yuan.

In the first half of the year, Li Auto delivered 139,117 vehicles, up 130.31 percent year-on-year, surpassing last year's full-year deliveries of 133,246.

As of June 30, cumulative deliveries since Li Auto's inception stood at 396,451 vehicles, according to data monitored by CnEVPost.

"Benefiting from the comprehensive enhancement of our organizational processes and operating capabilities, our monthly deliveries exceeded 30,000 for the first time, making Li Auto currently the only Chinese premium brand to achieve this milestone," Li Xiang, founder, chairman and CEO of Li Auto, said.

"For the third quarter, we target monthly deliveries for Li L8 and Li L9 at over 10,000 each and aspire to achieve 15,000 Li L7 monthly deliveries," he added.

In addition, in the fourth quarter, Li Auto will challenge itself to achieve the 40,000-unit monthly delivery mark, Li said.

Li Auto is currently selling all extended-range electric vehicles (EREVs), essentially plug-in hybrids, including the five-seat Li L7 and the six-seat Li L8 and Li L9.

The company said it expects to launch its super flagship 5C BEV model, the Li MEGA, in the fourth quarter and believes it will be a new sales blockbuster in the RMB 500,000 and above price segment.

Li Auto unveiled the Li MEGA name at its first Family Tech Day event on June 17, saying the model would break the conventional perception that high-end pure electric vehicles cannot be hot sellers.

"We are confident that it will be the No. 1 seller of all passenger cars priced at 500,000 yuan or more, regardless of energy form and regardless of body form," the company said at the time.

The Li MEGA will be Li Auto's first foray into the BEV market, and it will be an MPV (multi-purpose vehicle) model, according to information it previously shared.

By 2025, Li Auto's product array will include a super flagship model, five EREVs, and five BEVs, it said on the first day of the Shanghai auto show on April 18.

By then, Li Auto's models for the market priced above RMB 200,000 will fully meet the needs of family users, the company previously said.

Li Auto aims to be the No. 1 seller in the Chinese market for passenger cars priced above 200,000 yuan, with annual deliveries reaching 1.6 million units by 2025, Li re-emphasized in a presentation yesterday to celebrate the company's eighth anniversary.

As of June 30, the company had 331 retail stores in 127 cities, as well as 323 service centers and Li Auto-authorized body and paint stores operating in 223 cities.

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Li Auto deliveries in Jun: 32,575

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China Deliveries Electric eMobility eV EV Data Li Auto Monthly Data

Li Auto delivers over 32,000 vehicles in Jun, CEO says

This means that had another record month of deliveries in June, and the first time it has surpassed the 30,000-unit mark.

(Image credit: CnEVPost)

It's the practice for China's major electric vehicle (EV) makers to announce their deliveries for the previous month on the first day of each month, and Li Auto (NASDAQ: LI) couldn't wait to share a number today to showcase its strong performance.

Li Auto delivered more than 32,000 vehicles in June, taking premium Chinese brands to a whole new level of sales, its founder, chairman and CEO Li Xiang said in a speech today celebrating the company's eighth anniversary.

The company aims to become the No. 1 seller in the Chinese market for passenger cars priced at more than RMB 200,000 yuan ($27,590) and to reach 1.6 million annual deliveries by 2025, he said, repeating previous remarks.

The latest figure means that Li Auto's deliveries in June reached another record high and were the first time to exceed the 30,000-unit mark, up more than 145 percent from 13,024 units a year earlier.

The company delivered 28,277 vehicles in May, up 145.97 percent year-on-year and up 10.11 percent from April, the third consecutive month to exceed the 20,000-unit mark.

Earlier this week, local media reported that Li Auto had recently raised its full-year sales target to 400,000 units from the original 300,000. However, this was subsequently denied by Li.

Li Auto finished the first half of the year with more than 130,000 units sold and does not have any ability to make it to 400,000 units for the full year, he said on June 27.

The company's capabilities, including product, sales, capacity and organization, cannot support 400,000 units sold this year, and the gap is huge, Li said.

On June 18, Li said on Weibo that most members of Li Auto's management team thought the company should set an annual sales target of 360,000 units at the beginning of the year, but he ultimately decided to set a budget target based on annual sales of 306,000 units.

"This was partly because I didn't think we could be too optimistic about the economic environment this year, and partly because we didn't meet our budget targets for all three years from 2020-2022," he said at the time.

Li said the too-low targets he set led the company to place orders at suppliers at the beginning of the year that were clearly not keeping up with current sales, so several key components would take more than a quarter to reach the right capacity if production ramp-up began now.

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Li Auto CEO denies raising sales target for this year to 400,000 units

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China Electric eMobility eV Li Auto Li Xiang Sales Target

Li Auto CEO denies raising sales target for this year to 400,000 units

finished the first half of the year with more than 130,000 units sold and does not have any ability to sell 400,000 vehicles for the full year, its CEO said.

(Image credit: CnEVPost)

Li Auto (NASDAQ: LI) CEO denied that the company raised its sales target to 400,000 units this year, after the reports sparked widespread discussion.

"A media report today that our target for this year has been adjusted to 400,000 units is false and unfounded," Li Auto founder, chairman and CEO Li Xiang said on Weibo today.

Li Auto finished the first half of the year with more than 130,000 units sold and does not have any ability to make the full year sales of 400,000 units, he said.

The company's capabilities, including product, sales, capacity and organization, cannot support 400,000 units sold this year, and the gap is huge, Li said.

"The automotive industry's capability chain is built one step at a time, with no particular shortcuts," he added.

In a report yesterday, local media outlet 36kr cited sources familiar with the matter as saying that Li Auto recently raised its full-year sales target to 400,000 units from the original 300,000.

In addition to the overall sales target, Li also set targets for sales of specific models, according to the report.

Li set a goal for the Li L7 to achieve 20,000 deliveries of a single model in October, and to keep deliveries of the more expensive Li L9 and Li L8 above 10,000 units, bringing overall deliveries to 40,000 units/month, the report said.

Earlier today, Li Auto said on Weibo that it had sold 27,300 units this month as of June 25 and was on track to reach its 30,000-unit monthly sales goal.

Assuming Li Auto sells 30,000 vehicles in June, the 400,000-unit full-year sales target means it will need to sell an average of about 44,000 units per month in the second half of the year.

On June 18, Li said on Weibo that most members of Li Auto's management team thought the company should set an annual sales target of 360,000 units at the beginning of the year, but he ultimately decided to set a budget target based on annual sales of 306,000 units.

"This was partly because I didn't think we could be too optimistic about the economic environment this year, and partly because we didn't meet our budget targets for all three years from 2020-2022," he said at the time.

Li said the too-low targets he set led the company to place orders at suppliers at the beginning of the year that were clearly not keeping up with current sales, so several key components would take more than a quarter to reach the right capacity if production ramp-up began now.

Separately, Li said in another Weibo today that the Li L7 is on track to deliver more than 13,000 units this month, although it faces an onslaught of new models in June including IM Motors' LS7, 's new ES6.

Sales of the Li L8 have risen from more than 7,000 last month to more than 9,000 this month, and the Li L9 has improved from slightly more than 6,000 last month to more than 8,000, he said.

In addition to deliveries that can exceed 30,000, Li Auto has seen record order in-takes, Li said, adding that capacity has become the biggest bottleneck in deliveries, not demand.

All three of Li Auto's SUVs currently on sale are extended-range electric vehicles (EREVs), which are essentially plug-in hybrids.

In retweeting Li Auto's Weibo today about last week's sales figures, Li hinted that the company could launch sedan models next.

The focus is generally on the sedan lineup as dealers of luxury brand fuel cars struggle to meet their first-half sales targets this week, so sedan sales for t first-tier luxury brands are very solid, he said.

"So, the question is, shall we launch sedan offerings?" He asked.

China NEV insurance registrations for week ending Jun 25: Tesla 16,700, Li Auto 7,500, Nio 3,200

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China Deliveries Electric eMobility eV EV Data Insurance Registrations Li Auto Neta Nio Tesla Weekly Data XPeng

China NEV insurance registrations for week ending Jun 25: Tesla 16,700, Li Auto 7,500, Nio 3,200

sold 8,000 units between June 1 and June 25. Its previous guidance implied 10,187-12,187 vehicles would be delivered in June.

For the week of June 19 to June 25, (NASDAQ: LI) sold 7,500 units, continuing to lead among China's new car-making brands, the company said today on Weibo.

As of June 25, Li Auto has sold 27,300 units this month and is on track to reach its 30,000-unit monthly sales goal, it said.

Li Auto didn't explain what that weekly sales tally was based on, but apparently they are insurance registrations. The company had suspended sharing those numbers in May, but has since resumed sharing them.

Nio (NYSE: NIO) sold 3,200 units last week and 8,000 units from June 1 to June 25, according to figures shared by Li Auto.

Notably, June 22 to June 24 was a three-day Dragon Boat Festival holiday, and June 25 was a Sunday, but a working day after the holiday.

Nio's weekly sales have continued to grow over the past three weeks, as deliveries of new models began. It was 1,500 units in the week of June 5 to June 11 and 2,000 units in the week of June 12 to June 18.

Nio officially launched the new ES6 on May 24 and the ET5 Touring on June 15.

Deliveries of the new ES6 began on the night of the launch on May 24, and deliveries of the ET5 Touring began on June 16.

In addition to these two new models, Nio will also begin deliveries of the new ES8 on June 28, which was launched on Nio Day 2022 on December 24, 2022.

When Nio reported first-quarter earnings on June 9, it guided for second-quarter deliveries of between 23,000 and 25,000 vehicles, meaning it expects to deliver between 10,187 and 12,187 vehicles in June.

On June 20, Nio signed a share subscription agreement with Abu Dhabi-based investment firm CYVN Holdings, which will invest a total of about $1.1 billion in it.

(NASDAQ: TSLA) sold 16,700 units in China last week and 57,300 units from June 1 to June 25, according to figures shared by Li Auto.

In the two weeks prior to last week, Tesla sold 16,400 units and 14,500 units respectively in China.

From June 1 to June 25, Tesla was the top-selling premium brand in China, surpassing Mercedes-Benz's 52,100 units and above Audi's 51,600 units, according to a table by Li Auto.

On June 16, Tesla announced that Chinese consumers who purchase and take delivery of an already produced rear-wheel drive version of the Model 3 this month will receive an insurance subsidy of RMB 8,000 ($1,110).

(NYSE: XPEV) sold 2,600 units last week and 6,400 units from June 1 to June 25.

Xpeng began pre-sales of the G6 on June 9 at a price starting at RMB 225,000, significantly lower than the Tesla Model Y's starting price of RMB 263,900 in China.

The Xpeng G6 received more than 25,000 orders within 72 hours of the start of the pre-sale, the company announced on Weibo on June 12.

The G6 show cars were already available at Xpeng stores, and the model will officially go on sale June 29 with deliveries starting in July, the company said earlier this month.

Leapmotor sold 3,100 units last week and 10,600 units from June 1 to June 25.

On June 20, Leapmotor announced that it had reached 200,000 cumulative deliveries since its inception.

Leapmotor delivered 12,058 vehicles in May and had 192,962 cumulative deliveries by the end of May, according to data monitored by CnEVPost.

sold 2,600 units last week and 6,900 units between June 1 and June 25. It began deliveries of its third model, the Zeekr X, on June 12.

Denza sold 2,400 units last week, and 8,300 units from June 1 to June 25.

Denza, which currently has only the Denza D9 MPV on sale, will officially launch the Denza N7 on July 3, its first SUV since the rebranding last year.

The Denza N7 is aimed at the market for traditional internal combustion engine vehicles priced around 400,000 yuan, an executive said earlier.

sold 1,900 units last week and 6,700 between June 1 and June 25.

A total of 4,000 Neta EVs were shipped abroad, the latest new batch after 3,600 were sent to overseas markets in March, the company said on June 6.

Great Wall Motor's Wey brand sold 1,500 units last week and 5,000 units from June 1 to June 25.

Changan Automobile's NEV subsidiary Deepal sold 1,500 units last week and 4,900 units from June 1 to June 25.

-backed Aito sold 1,200 units last week, and 3,200 units from June 1 to June 25.

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China Electric eMobility eV Li Auto Sales Target

Li Auto reportedly lifts 2023 sales target from 300,000 to 400,000 units

The latest target means that in the second half of the year, will need to deliver an average of about 45,000 units per month.

Li Auto (NASDAQ: LI) reportedly raised its sales target for the year, after seeing strong delivery growth over the past few months.

Li Auto recently raised its full-year sales target to 400,000 units from the original 300,000, local media outlet 36kr said in a report today, citing people familiar with the matter.

In addition to the overall sales target, Li Auto founder, chairman and CEO Li Xiang also set targets for sales of specific models, according to the report.

He set a goal for the Li L7 to achieve 20,000 deliveries in a single month in October, and to keep deliveries of the more expensive Li L9 and Li L8 above 10,000 units, bringing overall deliveries to 40,000 units/month, the report said.

Assuming Li Auto delivers 30,000 vehicles in June, the latest target means that for the remaining six months, Li Auto would need to average about 45,000 deliveries per month to meet its goal, the report noted.

Li Auto has seen strong growth in the past few months, at a time when growth in China's new energy vehicle industry has slowed significantly.

It delivered a record 28,277 vehicles in May, the third consecutive month to surpass the 20,000-unit mark. From January to May, Li Auto's cumulative deliveries reached 106,542 units, according to data monitored by CnEVPost.

On June 17, the day of Li Auto's first Family Tech Day event, the Li L7 sold more than 1,000 units in a single day for the first time, Li said earlier this month.

Li Auto launched the Li L7, its first five-seat SUV, on February 8 and currently offers three versions with starting prices of RMB 319,800 ($44,200), RMB 339,800 and RMB 379,800, respectively.

All of the company's current models are extended-range electric vehicles (EREVs), with the other two being the higher-priced, six-seat Li L8 and Li L9.

The Li L7 was a model that was almost canceled during development, Li said on Weibo on June 18. He said he was quite determined to axe the model last September, but several other executives stopped him.

Most members of Li Auto's management team thought the company should set an annual sales target of 360,000 units at the beginning of the year, but he ultimately decided to set a budget target based on annual sales of 306,000 units, according to a June 18 Weibo post from Li.

"This was partly because I didn't think we could be too optimistic about the economic environment this year, and partly because we didn't meet our budget targets for all three years from 2020-2022," he said.

Li said the too-low targets he set led the company to place orders at suppliers at the beginning of the year that were clearly not keeping up with current sales, so several key components would take more than a quarter to reach the right capacity if production ramp-up began now.

Li Auto currently has two production lines in its Changzhou, Jiangsu plant, one for double-shift production and one for single-shift production. Li Auto will not be able to achieve 10,000 units/week capacity until the fourth quarter, when both of its lines will be on double-shift production, according to Li.

On May 10, Li Auto management said in a call with analysts after announcing its first-quarter earnings that the company was aiming to reach its goal of 30,000 units delivered in a single month in June.

Notably, the 36kr report mentioned that sales of Li Auto's cheaper Air version have been less than expected.

Li Auto had hoped that the Air version models would bring in 30 percent incremental sales, but Li said in its earnings call that the lineup only brought in 20 percent additional sales, the 36kr report noted.

To meet its sales targets, Li Auto will need new growth, and Li's approach was to launch the Li L9 Pro, the 36kr report said.

In a recent regulatory list from China's Ministry of Industry and Information Technology, Li Auto filed for the Li L9 model without LiDAR, the report noted.

The Li L9 Pro is likely to be priced at around RMB 419,800, which will help boost sales of the Li L9 and Li L8 to more than 20,000 units/month while improving the company's competitiveness in the price range above RMB 400,000, the report said.

In addition, with the launch of 's (NYSE: Nio) new ES6 and ET5 Touring, and an RMB 30,000 price cut across the company's model lineup, Li Auto will face stronger competition in the RMB 300,000 to 400,000 price range, according to the report.

Nio is aiming to double its sales this year compared to last year, implying full-year sales of about 240,000 units, according to previous comments from the company's management.

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NIO keeps goal of doubling sales this year despite price war causing greater challenges

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China Electric eMobility eV Li Auto Li Xiang Sales Target

Li Auto CEO reaffirms goal of reaching 1.6 million annual sales by 2025

aims to reach annual sales of 1.6 million vehicles and annual revenue of RMB 500 billion by 2025, its CEO said.

The CEO of Li Auto (NASDAQ: LI) welcomed the clarification of China's new energy vehicle (NEV) purchase tax exemption policy for the next few years and reiterated the company's ambitious goals.

Li Auto aims to reach annual sales of 1.6 million vehicles and annual revenue of RMB 500 billion ($70 billion) by 2025, Li Xiang, the company's founder, chairman and CEO, wrote on Weibo today.

China has provided stable policies for the next four years, which is great and gives Li Auto's team no excuse not to accomplish its strategic goals for 2025, Li said.

By early 2026, Li Auto's ability to meet that goal will be verified, he said.

Li Auto originally set that aggressive goal in February 2021, saying the company aims to be the No. 1 smart electric vehicle company in China with a 20 percent market share, or 1.6 million units sold annually, by 2025.

For reference, sold 1,804,624 retail units in China for the full year last year, ranking first with an 8.8 percent share, according to the China Passenger Car Association (CPCA).

Li Auto delivered 133,246 vehicles last year, up 47.25 percent year-on-year, but did not make the CPCA's top-selling automaker ranking.

All three models currently sold by Li Auto are extended-range electric vehicles (EREVs), which are essentially plug-in hybrid vehicles (PHEVs) that are still equipped with internal combustion engines.

Recently, there has been some concern that China may be scaling back support for PHEVs in order to accelerate the auto industry's transition to battery electric vehicles (BEVs).

Earlier today, China's Ministry of Finance released details of the policy to extend the purchase tax exemption for NEVs, with equal treatment for BEVs, PHEVs, EREVs, and fuel cell vehicles.

The country exempts NEVs with a purchase date between January 1, 2024 and December 31, 2025 from vehicle purchase tax, the tax exemption will not exceed RMB 30,000 per new energy passenger vehicle.

For NEVs with a purchase date between January 1, 2026 and December 31, 2027, the vehicle purchase tax will be levied at half the normal rate, with the tax reduction not exceeding RMB 15,000 per new energy passenger vehicle.

To achieve its 2025 target, Li Auto announced two months ago its plan to launch new models in the next two years.

On the first day of the Shanghai auto show on April 18, Li Auto unveiled its all-electric solution, based on the 800 V high-voltage platform, capable of giving a BEV a 400 km range on a 10-minute charge.

With the launch of the solution, Li Auto officially enters a phase of parallel development of its EREV and BEV product lines, it said at the time.

By 2025, Li Auto's product array will include one super flagship model, five EREVs, and five BEVs, the company said.

By then, Li Auto's models for the market priced above RMB 200,000 will fully meet the needs of family users, it said.

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Li Auto Family Tech Day: 1st BEV named Li MEGA, aims to be top seller above $70,000 in China

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China Deliveries Electric eMobility eV EV Data Insurance Registrations Li Auto Neta Nio Tesla Weekly Data XPeng

China NEV insurance registrations for week ending Jun 18: Tesla 14,500, Li Auto 7,800, NIO 2,000

Correction: Fixed the error in the last table.

was 2,000 units last week. Its sales from June 1 to June 18 were 4,800 units.

In the week of June 12 to June 18, sold 7,800 units, continuing to lead among China's new car makers, the company said today on Weibo.

As of June 18, Li Auto had sold 19,800 units this month, and the company will aim to achieve a monthly sales target of more than 30,000 this month, it said.

Li Auto didn't explain what that weekly sales tally was based on, but apparently they were insurance registrations. The company had suspended sharing those numbers in May, but has since resumed sharing them.

Li Auto delivered 28,277 vehicles in May, up 145.97 percent year-on-year and up 10.11 percent from April, the third consecutive month to exceed the 20,000-unit mark.

Li Auto's current least expensive model, the five-seat Li L7, achieved its second consecutive month of more than 10,000 deliveries in May, the company said on June 1.

On Li Auto's Family Tech Day event on June 17, the Li L7 sold more than 1,000 units in a single day for the first time, the company's founder, chairman and CEO Li Xiang said on June 18.

(NASDAQ: TSLA) sold 14,500 units in the week of June 12 to June 18, lower than the 16,400 units sold in the previous week, according to figures shared by Li Auto.

From June 1 to June 18, Tesla sold 40,600 units in China, the highest number of vehicles, including internal combustion engine vehicles, for premium brands.

NIO (NYSE: NIO) was 2,000 units last week, up from 1,500 units the week before.

Between June 1 and June 18, NIO sold 4,800 units.

NIO officially launched the new ES6 on May 24 and rolled out the ET5 Touring on June 15.

The company had produced some of the vehicles in the designer-recommended configuration combinations for quick delivery prior to the launch of both models.

Deliveries of the new ES6 began on the night of the May 24 launch, and deliveries of the ET5 Touring began on June 16.

(NYSE: XPEV) was at 1,600 units last week and 3,800 units from June 1 to June 18.

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China Electric eMobility eV Li Auto Li L7 Li Xiang

Li L7 sees single-day sales of over 1,000 units, says Li Auto CEO

The Li L7 is a model that was nearly canceled during development, according to CEO Li Xiang.

(Image credit: CnEVPost)

The Li L7 -- a new model that almost got canceled -- saw its highest single-day sales ever on Saturday, according to Li Xiang, founder, chairman and CEO of Li Auto (NASDAQ: LI).

"Yesterday was our first tech day, and today is also a historic moment -- the first time that the Li L7 has sold more than 1,000 units on a single day with no new model launch," Li wrote on Weibo late at night on June 18.

Li Auto held its first Family Tech Day event on June 17, announcing the official name of its first BEV, Li MEGA, and the company's progress in developing assisted driving and supercharging capabilities.

"For a model with a starting price of RMB 300,000 ($42,100) or more and in a steady state of sales, selling more than 1,000 in a single day should be a moment to remember," Li said.

Li Auto launched the Li L7, its first five-seat SUV, on February 8 and currently offers three versions with starting prices of RMB 319,800, RMB 339,800 and RMB 379,800, respectively.

All of the company's current models are extended-range electric vehicles (EREVs), with the other two being the higher-priced, six-seat Li L8 and Li L9.

The Li L7 was almost canceled during development, according to Li, who said he was quite determined to axe the model last September, but several other executives stopped him.

Li mentioned in another Weibo yesterday that most members of Li Auto's management team thought the company should set an annual sales target of 360,000 units at the beginning of the year, but he ultimately decided to set a budget target based on annual sales of 306,000 units.

"This was partly because I didn't think we could be too optimistic about the economic environment this year, and partly because we didn't meet our budget targets for all three years from 2020-2022," he said.

Li said the too-low targets he set caused the company to place orders at suppliers at the beginning of the year that were clearly not keeping up with current sales, so several key components would take more than a quarter to reach the right capacity if production ramp-up began now.

Currently, Li Auto's plant in Changzhou, Jiangsu province has two production lines, one for double-shift production and one for single-shift production, according to Li.

The current peak capacity of the plant is 7,500 units/week, of which six days are production time and one day is used for maintenance, Li said.

Li Auto's goals set at the beginning of the year were too conservative, and suppliers of key components are currently adding equipment in line with the company's demand of more than 10,000 units/week, according to Li.

Li said Li Auto won't be able to achieve 10,000 units/week capacity until the fourth quarter when both of its lines will be based on double-shift production.

Li Auto delivered a record 28,277 vehicles in May, up 145.97 percent year-on-year and 10.11 percent from April, the third consecutive month to exceed the 20,000-unit mark, according to data released June 1.

The Li L7 achieved its second consecutive month of over 10,000 deliveries in May, Li Auto said at the time, without disclosing specific figures.

Li Auto aims for the Li L7, Li L8 and Li L9 models to see combined monthly sales of more than 40,000 units this year, Li said on June 1.

($1 = RMB 7.1266)

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