Category: Li Auto

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China Earnings Electric eMobility eV Insights Li Auto

Li Auto Q1 earnings: Deutsche Bank’s first look

The true test will be how sustainable this run-rate is in the second half of this year, Edison Yu's team said.  |  Li Auto US | Li Auto HK

Li Auto Q1 earnings: Deutsche Bank's first look-CnEVPost

Li Auto (NASDAQ: LI) today reported first-quarter earnings that beat expectations, and Deutsche Bank analyst Edison Yu's team provided their first look in a research note sent to investors.

Without further ado, here's what the team's research note had to say.

Li Auto delivered mostly strong 1Q results along with a solid volume outlook. Deliveries were already reported for 1Q at 52,584 units, leading to revenue of 18.7bn RMB, beating our 17.7bn forecast due to higher ASPs.

Impressively, while volume was toward the low-end of guidance, sales were above the high-end despite mix headwinds.

Total gross margin of 20.4% was slightly below our 20.7% estimate on softer vehicle margin of 19.8% (-20bps QoQ; vs. our 20.5%), suggesting that launch costs were heavier and/or BOM of new models may be greater than anticipated as pricing didn't flow through.

Opex of 3.5bn was below our expectation, mainly due to lower R&D, leading to higher-than-expected net profit; adjusted EPS was 1.35, easily ahead of DBe/consensus, helped by higher interest/ investment and other income (>30c benefit).

Free cash flow came in just below 7bn, materially better than anticipated, mainly due to working capital performance on payables.

Management provided solid 2Q guidance calling for 76,000-81,000 in deliveries, ahead of our 75,000 forecast, implying a small step-up from April's 25,681 units.

The company already expressed confidence in reaching 25,000-30,000 deliveries this month once the cheaper L7 and L8 "Air" trims garner a full month of availability.

The true test will be how sustainable this run-rate is in the 2H. We have seen the L9/L8 drop off somewhat in monthly volume already.

Revenue is expected to be 24.22-25.86bn RMB in 2Q, above DBe/consensus estimates and implying slightly better ASP/mix than our model.

Li Auto sees Q1 revenue beat expectations, net income up 252% from Q4

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China Earnings Electric eMobility eV Li Auto

Li Auto sees Q1 revenue beat expectations, net income up 252% from Q4

Li Auto expects to deliver between 76,000 and 81,000 vehicles in the second quarter, meaning a total of 50,319 to 55,319 vehicles for May and June.  |  Li Auto US | Li Auto HK

Li Auto sees Q1 revenue beat expectations, net income up 252% from Q4-CnEVPost

Li Auto (NASDAQ: LI) saw revenue beat expectations in the first quarter and net income rose sharply from the previous quarter.

The company reported revenue of RMB 18.79 billion yuan ($2.74 billion) in the first quarter, beating analysts' estimates of 18.68 billion yuan in a Bloomberg survey, according to unaudited financial results released today.

That's up 96.55 percent from a year ago and up 6.46 percent from the fourth quarter, and also above the upper end of the previous guidance range of 17.45 billion yuan to RMB 18.45 billion.

Previous data show that Li Auto delivered a record 52,584 vehicles in the first quarter, which is near the lower end of the 52,000 to 55,000 vehicle guidance range it previously provided.

Li Auto reported a net income of RMB 933.8 million in the first quarter, compared to a net loss of RMB 10.9 million in the same period last year, an increase of 252.0 percent from a net income of RMB 265.3 million in the fourth quarter.

Li Auto sees Q1 revenue beat expectations, net income up 252% from Q4-CnEVPost

It reported non-GAAP net income of RMB 1.41 billion in the first quarter, an increase of 196.4 percent year-on-year and up 46.1 percent over the fourth quarter.

Li Auto had net cash from operating activities of RMB 7.78 billion in the first quarter, an increase of 324.3 percent from the same period last year and up 58.0 percent from the fourth quarter.

The company's vehicle sales for the first quarter were RMB 18.33 billion, up 96.9 percent from the same quarter last year and 6.1 percent from the fourth quarter of 2022.

Li Auto's gross margin was 20.4 percent in the first quarter, compared to 22.6 percent in the first quarter of 2022 and 20.2 percent in the fourth quarter. The decrease in gross margin compared to the same period of last year was primarily caused by a decrease in vehicle margin.

Li Auto sees Q1 revenue beat expectations, net income up 252% from Q4-CnEVPost

It had a vehicle margin of 19.8 percent in the first quarter compared to 22.4 percent in the same quarter last year and 20.0 percent in the fourth quarter of 2022.

The decrease in vehicle margin from the first quarter of 2022 was primarily due to a different product mix between the two quarters, Li Auto said.

It reported a gross profit of RMB 3.83 billion for the quarter, up 77.0 percent year-on-year and up 7.4 percent from the fourth quarter.

Li Auto expects second-quarter vehicle deliveries to be in the range of 76,000 to 81,000 units, implying a year-on-year increase of 164.9 percent to 182.4 percent.

It expects total revenue for the second quarter to be between RMB 24.22 billion and RMB 25.86 billion, representing a year-on-year increase of 177.4 percent to 196.1 percent.

Considering that Li Auto delivered a record 25,681 vehicles in April, the guidance implies that it expects to deliver a total of 50,319 to 55,319 vehicles in May and June.

As of March 31, Li Auto's balance of cash and cash equivalents, restricted cash, time deposits and short-term investments was RMB 65 billion.

Li Auto CEO predicts China NEV penetration to exceed 80% by Dec 2025

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China China Holidays Denza Electric eMobility eV Li Auto Nio Tesla Zeekr

Labor Day holiday: How do NIO, Tesla and Li Auto’s user travel reports compare?

Between April 28 and May 4, NIO owners drove a total of about 140 million km and 4.48 million hours.

(Image credit: CnEVPost)

Only a few electric vehicle (EV) makers, including NIO (NYSE: NIO), have previously published reports on their owners' travel data during the holiday season. Now, more and more players are doing so.

This year's Labor Day holiday in China ran from April 29 to May 3. As the holiday ended, several EV makers, including NIO, (NASDAQ: TSLA), (NASDAQ: LI), , and Denza, released their data.

NIO

Between April 28 and May 4, NIO owners accumulated about 140 million kilometers and drove about 4.48 million hours, according to an article posted Saturday on the company's mobile app.

By traveling in purely electric vehicles, NIO users' trips during the holiday equated to a reduction of 9,211 tons of carbon emissions, according to the company.

The largest number of users traveling in NIO vehicles came from Shanghai, followed by Hangzhou and Beijing. Among their travel destinations, Shanghai's neighboring city of Suzhou, Jiangsu, ranked first, followed by Jiaxing, Zhejiang, and Shaoxing, Zhejiang.

NIO users traveled a total of 18.1 million kilometers with assisted driving feature and used it for 226,143 hours, according to the article.

The total mileage of NIO's Navigate on Pilot (NOP) system was 6.3 million kilometers, and the more powerful NOP+ was 4.34 million kilometers.

NIO's battery swap stations provided 432,191 services during this period, with a maximum of 68,748 services in a single day.

The battery swap stations along the highways provided 138,552 free services, saving vehicle owners 104,087 hours of highway travel time, according to NIO.

These stations along highways saw a peak of 23,632 services on May 2.

NIO's 15,137 charging piles accumulated 315,455 services during that holiday, with 79.5 percent of those deliveries going to other brands of electric vehicles.

By the end of April, NIO had accumulated 327,255 deliveries.

Tesla

Between April 29 and May 3, Tesla owners drove 170 million kilometers by using the EV maker's charging network in China, it said on Weibo yesterday.

That mileage represents a carbon reduction of 10,860 tons, Tesla said.

Tesla's Supercharger stations in China are available to owners 24 hours a day and maintain an availability rate of more than 99 percent throughout the year, it said.

To date, Tesla has more than 5,000 Supercharger stations worldwide. The company has more than 1,600 Supercharger stations in the Chinese mainland, offering more than 10,000 Superchargers.

Tesla also has more than 700 destination charging stations in the Chinese mainland, offering more than 2,000 charging piles, it said.

Li Auto

Between April 29 and May 3, Li Auto owners racked up 144 million kilometers, the company said in a WeChat post on Saturday.

Of the total, 72.29 million kilometers were powered by gasoline, up 147 percent from regular days and 372 percent from the holiday last year.

Battery-powered mileage was 71.78 million kilometers, an increase of 11.9 percent over regular days.

Li Auto owners visited 368 cities during the holiday, with the most popular cities being Chengdu, Hangzhou and Shanghai.

Li Auto's AD assisted driving system drove a total of 16.47 million kilometers, or 11 percent of the milage driven.

More than 36 percent of owners of the company's discontinued Li ONE used assisted driving, and 53 percent of owners of the currently available L series used assisted driving, according to the company.

More than 69,000 owners used the more powerful navigation-assisted driving feature and drove more than 7.8 million kilometers, an increase of 186 percent compared to the usual rate.

Li Auto owners used the company's charging map to find charging piles and charge more than 680,000 kWh using fast charging.

Li Auto's supercharging stations began trial operations on April 20, with seven stations charging more than 1,000 NEVs, covering several major brands including BYD and Tesla, the company said.

By the end of April, Li Auto's cumulative deliveries stood at 335,599 units.

Zeekr

Between April 28 and May 4, Zeekr owners accumulated 54.1 million kilometers, with the longest traveled vehicle covering 5,481 kilometers, according to an article published by the company yesterday.

Eighty-seven percent of Zeekr owners drove less than 1,000 kilometers in that period, 11.2 percent drove between 1,000 and 2,000 kilometers, and 1.53 percent drove between 2,000 and 3,000 kilometers.

Zeekr owners used nearly 3.7 million kWh of energy from the company's charging piles on its charging map, and to date, Zeekr has built nearly 690 of its own charging stations, covering more than 120 cities in China.

As of the end of April, Zeekr's cumulative deliveries stood at 101,283 units.

Denza

Between April 29 and May 3, Denza D9 owners drove a total of 11.12 million kilometers and logged 292,974 hours, it said in an article published Saturday.

Of that total, 4.92 million kilometers were driven on fuel and 6.2 million kilometers on electric power.

Denza D9 owners have used assisted driving system a total of 32,493 times during the period, according to the article.

Denza currently has only one model, the D9 MPV, on sale, and it already started pre-sales of the new SUV N7 at the Shanghai auto show last month.

As of the end of April, Denza's cumulative deliveries since the rebranding stood at 44,491 units.

NIO sees over 430,000 battery swap services during Labor Day holiday in China

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China Electric Electric cars eMobility eV Li Auto Nio Weekly XPeng

China NEV startups sales in the week of April 24-30: Li Auto 8100, Nio 2600, Xpeng 2500

Tesla sold 11,500 EVs in the last week of April, up from 10,300 the week before.

The post China NEV startups sales in the week of April 24-30: Li Auto 8100, Nio 2600, Xpeng 2500 appeared first on CarNewsChina.com.

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China Electric Electric cars eMobility eV Li Auto Nio Weekly XPeng

China NEV startups sales in the week of April 24-30: Li Auto 8100, Nio 2600, Xpeng 2500

Tesla sold 11,500 EVs in the last week of April, up from 10,300 the week before.

The post China NEV startups sales in the week of April 24-30: Li Auto 8100, Nio 2600, Xpeng 2500 appeared first on CarNewsChina.com.

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

Insurance registrations for week ending Apr 30: Tesla 11,500, Li Auto 8,100, NIO 2,600

shared the numbers, saying its sales last week far outpaced those of other local new car-making brands.

Li Auto (NASDAQ: LI) today shared sales figures for the major new car makers as well as luxury car companies in China for the last week of April, which is worth a look, even though many automakers have already announced deliveries for last month.

For the week ending April 24 to April 30, Li Auto sold 8,100 units, far more than any other new carmaker brand, it said today on Weibo.

Li Auto continues to be in the top five luxury brands selling in China, the highest-ranking Chinese brand on the list, outpacing other traditional luxury brands besides Mercedes-Benz, BMW and Audi in weekly sales, it said.

Li L7 delivered more than 10,000 units in its first full delivery month, making it one of the preferred luxury five-seat SUVs for more families, Li Auto said.

Li Auto didn't specify what statistic that sales figure was based on, though apparently it was insurance registrations. Its figures for the first three weeks of April were 7,200, 6,300 and 4,177.

Previously, we had access to those numbers every Tuesday, and it was Li Auto's practice to share some of them later to show off that it was leading the pack among car-making newcomers.

The major third-party providers of Chinese auto insurance registrations data, as well as Weibo bloggers, stopped sharing them in April, though Li Auto continues to share some of them.

Li Auto delivered 25,681 vehicles in April, another monthly high while surpassing the 20,000-delivery mark for the second consecutive month, according to data it released on May 1.

vehicles sold 11,500 units in China last week, according to a table shared by Li Auto. The figure for Tesla was 10,300, 12,500 and 6,973 units in the previous three weeks.

The US electric vehicle maker sold 75,842 China-made vehicles in April, including exports, according to data released earlier today by the China Passenger Car Association (CPCA).

The sales include sales in China as well as exports, and the breakdown is expected to be available in the coming days.

NIO (NYSE: NIO) sold 2,600 units last week, according to Li Auto. The company sold 2,000, 700 and 1,316 units in the first three weeks of April, according to the previous data.

NIO's deliveries in April fell further to 6,658 units, as its product switchover continues, according to data released on May 1.

(NYSE: XPEV) saw sales of 2,500 units last week. It sold 1,900, 1,300 and 904 units in the first three weeks of April.

XPeng delivered 7,079 vehicles in April, down 21.36 percent from 9,002 a year ago, but up 1.1 percent from 7,002 in March.

sold 2,300 units last week, a figure that was 2,100, 1,600 and 1,476 units in the first three weeks of April.

, Denza, and sold 3,200, 2,700, and 2,600 units last week, respectively.

Among the luxury brands, Mercedes-Benz, BMW and Audi had the highest sales last week with 19,400, 15,700 and 14,500 respectively, according to data shared by Li Auto.

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China China EV Market Insight Earnings Electric eMobility eV Li Auto Research Note

Li Auto Q1 earnings preview: Shifting to higher gear

With sales near the low end of guidance, Li Auto's performance in the first quarter is expected to be somewhat mixed, but the outlook for delivery in the second quarter will be robust, according to Edison Yu's team.  |  Li Auto US | Li Auto HK

Li Auto Q1 earnings preview: Shifting to higher gear-CnEVPost

(Image credit: CnEVPost)

Li Auto (NASDAQ: LI) will report its unaudited financial results for the first quarter on Wednesday, May 10, before the US markets open. As usual, Deutsche Bank analyst Edison Yu's team provided their preview.

Li Auto continues to be the best-performing Chinese electric vehicle stock this year, which is well deserved, though it is expected to have a somewhat mixed quarter as sales approached the lower end of the original outlook, Yu's team said in a research note sent to investors today.

The automaker's management team took advantage of strong initial orders from customers in the premium SUV segment to quickly increase deliveries of new models, the team noted.

Yu's team expects a robust delivery outlook for Li Auto in the second quarter, supported by wide availability of the Li L7 and lower-priced versions of the Li L7 and Li L8.

"Positioning-wise, Li Auto remains the clear favorite in the group and likely stays there unless evidence of softening demand emerges later in the year," the team wrote.

First-quarter earnings preview

Yu's team expects Li Auto to report revenue of RMB 17.7 billion yuan in the first quarter, with a gross margin of 20.7 percent and adjusted earnings per share of 0.40.

The team's model assumes an increase in operating expenses relative to the fourth quarter.

This compares to the current analyst consensus estimates of RMB 18.9 billion, 20.5 percent and 0.49, respectively, in a Bloomberg survey.

Yu's team expects Li Auto's vehicle margin to increase by just 50 basis points sequentially, as average selling prices come under some pressure.

Li Auto delivered a record 52,584 vehicles in the first quarter, near the lower end of its previously provided guidance range of 52,000 to 55,000 vehicles.

Its revenue guidance for the first quarter was RMB 17.45 billion to RMB 18.45 billion, implying year-on-year growth of 82.5 percent to 93 percent.

Li Auto Q1 earnings preview: Shifting to higher gear-CnEVPost

Gearing up for big second quarter

For second-quarter delivery guidance, Yu's team expects Li Auto's management to target around 75,000 units, supported by deliveries of the Li L7 throughout the quarter and wide availability of the cheaper Air versions of the Li L7 and Li L8.

Li Auto launched the Li L7, its first five-seat SUV, on February 8.

The Li L7 is the least expensive in its product array, with Pro as well as Max versions starting at RMB 339,800 and 379,800 respectively. The Li L7 is available in a lower-priced Air version, starting at RMB 319,800.

Deliveries of the Li L7 Pro and the Li L7 Max began on March 11, and deliveries of the Li L7Air began in late April.

Li Auto is also offering an Air version of the Li L8, with a starting price of RMB 339,800. The Li L8 was previously available in Pro and Max versions with starting prices of RMB 359,800 and RMB 399,800, respectively.

Li Auto's other model, the flagship Li L9, is currently available only in the Max version, with a starting price of RMB 459,800.

Compared to NIO (NYSE: NIO), Li Auto has launched its latest model very efficiently, capturing the initial wave of demand, which is very important in a highly competitive market driven increasingly by product cycles, Yu's team said.

In terms of gross margin, the team expects improvement on a sequential basis as production scales up and battery input costs fall.

Li Auto CFO is conservatively aiming for a gross margin of above 20 percent, given battery costs and a volatile macro backdrop, Yu's team noted, adding that they see 22 percent-23 percent as more realistic, with further upside dependent on battery input costs and average selling prices.

The real test for the company will come later this year, when it will struggle to maintain demand momentum with its three relatively large EREV SUVs in the face of increased competition, the team said.

Some cannibalization will naturally occur among Li Auto's models, but that will likely be offset by share gains from legacy foreign brands, Yu's team said.

The Li L9 sales have already dropped from 10,582 units in December to 5,831 units in March. Since September, foreign brands have lost about 7 percentage points of market share in the premium SUV segment, the team said.

The slow recovery in Chinese auto sales in recent months is something Yu's team attributes to customers prioritizing spending elsewhere after the Covid reopening and recognizing that car prices could fall further, and therefore not rushing to buy.

China's car sales have been slow to recover in recent months, and Yu's team attributes that to customers prioritizing spending elsewhere after the Covid reopening and recognizing that car prices could fall further and therefore not rushing to buy.

In terms of positioning, Li Auto remains the most popular of the Chinese EV startups and is likely to stay there unless there are signs of softening demand or a decline in execution, the team said.

Li Auto CEO predicts China NEV penetration to exceed 80% by Dec 2025

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China Deliveries Electric eMobility eV EV Data Li Auto Monthly Data

Li Auto delivers record 25,681 vehicles in Apr, Li L7 delivers over 10,000

April was the first full month of deliveries for Li Auto's cheaper five-seat SUV, the Li L7.  |  Li Auto US | Li Auto HK

Li Auto delivers record 25,681 vehicles in Apr, Li L7 delivers over 10,000-CnEVPost

Li Auto (NASDAQ: LI) saw record deliveries last month as the new, cheaper SUV, the Li L7, began to contribute significantly to sales.

The Chinese automaker delivered 25,681 vehicles in April, another monthly high while surpassing the 20,000-delivery mark for the second consecutive month, according to data released today.

This represents a 516.29 percent increase over the 4,167 units delivered in the same month last year and a 23.33 percent increase over the 20,823 units delivered in March.

As of the end of April, Li Auto has delivered a total of 335,599 units since its inception.

"We are pleased to have delivered over 10,000 Li L7s in its first full month of deliveries, establishing the vehicle as a preferred choice among five-seat premium SUVs for Chinese families while marking the first time a Chinese branded five-seat SUV priced above RMB300,000 has achieved this monthly delivery milestone," said Li Xiang, chairman and CEO of Li Auto.

"Regarding autonomous driving, we expect to release the city NOA for beta testing in Li AD Max 3.0 this quarter and target to roll out in 100 cities nationwide by the year end," he added.

Li Auto's three models currently on sale -- Li L9, Li L8 and Li L7 -- are extended-range electric vehicles (EREVs), which are essentially plug-in hybrids.

The big selling point of these models is that they don't have the range anxiety of battery electric vehicles (BEVs), as they can be charged as well as refueled.

Li Auto launched the Li L7, its first five-seat SUV, on February 8.

The Li L7 is the least expensive of its product array, with Pro as well as Max versions starting at RMB 339,800 ($49,160) and 379,800 respectively. The Li L7 has a lower-priced Air version available, starting at RMB 319,800.

Deliveries of the Li L7 Pro and the Li L7 Max begin on March 11, and deliveries of the Li L7Air begin in late April.

Li Auto also launched an Air version of the Li L8 alongside the Li L7 at a starting price of RMB 339,800. The Li L8 was previously available in Pro and Max versions at RMB 359,800 and RMB 399,800 respectively.

The Li L9 is currently only available in Max version with a starting price of RMB 459,800.

In terms of product planning, Li Auto aims to create a model portfolio of one super flagship, five EREVs and five BEVs by 2025 to meet the diverse needs of families in the price range of 200,000 yuan and above, Li said.

As of April 30, the company had 302 retail stores in 123 cities and 318 service centers and Li Auto-authorized body and paint stores in 222 cities.

($1 = RMB 6.9121)

Li Auto CEO predicts China NEV penetration to exceed 80% by Dec 2025

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

Insurance registrations for week ending Apr 23: Tesla 10,300, Li Auto 7,200, NIO 2,000

NIO sold 2,000 units last week, up from 700 the week before and 1,316 in the first week of April.

(NASDAQ: LI) maintained strong sales last week, and NIO (NYSE: NIO) saw a significant rebound, the latest data show.

With 7,200 units sold in the week ending April 23, Li Auto far outpaced other new car-making brands, the automaker said today on Weibo.

With deliveries of the Air versions of the Li L8 and Li L7, Li Auto's weekly sales hit another record high, it said.

Li Auto didn't specify what statistic that sales figure was based on, though apparently, it was insurance registrations. Previously, we had access to those numbers every Tuesday, and Li Auto's practice was to share some of them on Wednesdays.

The main third-party agencies and Weibo bloggers that provide data on auto insurance registrations in China stopped sharing the data this month, but Li Auto continues to share some of it.

This is the first time Li Auto has shared those numbers on a Tuesday, though they weren't taken down to single digits.

(NASDAQ: TSLA) sold 10,300 units last week, according to the table shared by Li Auto. That was down from 12,500 units the week before and up from 6,973 units in the first week of April.

NIO sold 2,000 units last week, up from 700 the week before and 1,316 in the first week of April.

(NYSE: XPEV) sold 1,900 units last week, up from 1,300 units and 904 units in the previous two weeks.

sold 2,100 units last week, up from 1,600 units the previous week and 1,476 units in the first week of April.

Among luxury brands, Mercedes-Benz, BMW and Audi had the highest sales last week with 15,800, 15,600 and 14,800 respectively, according to data shared by Li Auto.

Insurance registrations for week ending Apr 16: Tesla 12,500, Li Auto 6,300, NIO 700

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China Electric eMobility eV Expectations Li Auto Li Xiang

Li Auto CEO predicts China NEV penetration to exceed 80% by Dec 2025

The years 2023-2025 for China's smart EV market will be like the last three years of World War II in history from 1943-1945, said Li Xiang.

China's Mar passenger NEV retail up 23.6% MoM to 543,000, CPCA data show-CnEVPost

Li Xiang, founder, chairman and CEO of Li Auto (NASDAQ: LI), predicted a month ago that China's new energy vehicle (NEV) penetration rate would reach 70 percent by the fourth quarter of 2025.

Now, perhaps fueled by optimism from the Shanghai auto show, he's making an even bolder prediction.

By December 2025, NEVs will account for more than 80 percent of all new vehicle sales in China, Li said in his WeChat status today, adding that the five permanent NEV brands will be born by then.

The years 2023-2025 for China's smart EV market will be like the last three years of World War II in history from 1943-1945, Li said.

Notably, this comes just a month after Li last made a bold prediction.

On March 25, Li said on Weibo that NEVs will contribute 70 percent of new car sales in China by the fourth quarter of 2025.

It's crossing the chasm theory that growth starts to accelerate when a new thing accounts for more than 30 percent, he said.

For the full year 2022, retail sales of new energy passenger vehicles in China were 5.67 million units, up 90 percent year-on-year, according to the China Passenger Car Association (CPCA).

Retail sales of all passenger vehicles in China in 2022 were 20.54 million units, up 1.9 percent year-on-year. This represents a 27.6 percent penetration rate of new energy passenger vehicles in China in 2022.

In March, retail sales of new energy passenger vehicles in China were 543,000 units, contributing 34.2 percent of all passenger vehicle sales of 1,587,000 units.

In the past few years, annual passenger car sales in China have remained at about 20 million units per year, or about 1.67 million units per month.

If Li's latest forecast turns out to be accurate, it would mean that by December 2025, China's monthly NEV sales will exceed 1.3 million units.

Li Auto is one of the most successful EV startups in China, currently offering three models -- Li L7, Li L8 and Li L9 -- all extended-range electric vehicles (EREVs).

The company delivered 20,823 vehicles in March, the second time since last December that it has exceeded 20,000 units.

Li Auto delivered 52,584 vehicles in the first quarter, up 65.8 percent year-on-year and up 13.53 percent from the fourth quarter of last year.

On April 18, Li Auto officially unveiled its all-electric solution based on the 800 V high-voltage platform, capable of giving a battery electric vehicle (BEV) a 400 km range on a 10-minute charge.

With the release of this solution, Li Auto will officially enter a phase of parallel development of its EREV and BEV product lines. By 2025, Li Auto's product array will include one super flagship model, five EREVs, and five BEVs, it said.

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

Li Auto could reach 40,000 monthly sales in 2023, exec hints

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