Stock market

China’s EV maker Li Auto expects monthly sales to reach 10,000 cars in September

Stock Markets4 minutes ago (May 25, 2021 11:31PM ET)China's EV maker Li Auto expects monthly sales to reach 10,000 cars in September© Reuters. FILE PHOT0: People visit the booth of Chinese electric vehicle (EV) maker Li Auto during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021. REUTERS/Aly Song

BEIJING (Reuters) – China’s electric vehicle maker Li Auto expects sales to reach 10,000 cars a month from September and will expand its sales network, executives said on Wednesday.

Li Auto President Shen Yanan said Li Auto, which has only one model, expects monthly sales of its facelifted Li ONE extended-range electric sport-utility vehicle model to nearly double by September. It sold 5,539 cars in April.

Shen said the firm would expand its sales network and continue to use a direct-sales model strategy to sell its vehicles, adding that it is building a team to research selling overseas. It has 75 stores in more than 50 Chinese cities.

Li Auto, with a market capitalisation of $18 billion, is competing with Tesla (NASDAQ:TSLA) Inc and a swathe of Chinese EV makers, including Nio (NYSE:NIO) Inc and Xpeng Inc.

CEO Li Xiang said Li Auto plans to invest 3 billion yuan in research and development this year, and expects that number to grow.

Li said he open to further fundraising options including bonds, loans and follow-ons.China’s EV maker Li Auto expects monthly sales to reach 10,000 cars in SeptemberAdd a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s