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Small-car lovers who lament the lack of affordable electric compact cars may get a jolt of energy from Volvo’s reveal on Wednesday of its EX30. The fully electric small SUV is a key piece of its lineup as it transitions to all-EV—one that will start at $34,950, likely not including destination, with available dual-motor all-wheel... Li Auto's Beijing plant is expected to see its first vehicle roll off the line by September, a local media report said in March. | Li Auto US | Li Auto HK
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Li Auto's (NASDAQ: LI) Beijing plant, which is expected to be used first to produce its first all-electric model, doesn't appear to be far from the start of production.
Li Auto's plant in Beijing's Shunyi district is expected to be ready for production in August, and the company's first all-electric model, internally codenamed W01, will be built there, local media outlet Meiren Auto reported today.
The extended-range electric vehicle (EREV) maker is conducting mass hiring for the plant, though many candidates will need to start work in August after the plant's production lines are installed, according to the report.
The plant currently has more than 50 people on the shop floor, including more than 20 welders and 30 final assembly workers, the report said, citing a person already on board.
Li Auto, when asked about the plant, did not deny the report, saying the company is indeed actively preparing for the plant, according to the National Business Daily report.
The plant was originally Hyundai's first factory in China, but production had been halted since April 2019.
Li Auto began building its own facility based on the plant in October 2021, with a total area of 270,000 square meters for conversion and expansion and a total project investment of more than 6 billion yuan ($843 million), with production scheduled to begin in late 2023, according to a government announcement at the time.
Upon reaching production, the plant will achieve an annual capacity of 100,000 units of pure-play electric vehicles, the Shunyi district government said in the announcement at the time.
On March 15, an article posted on a WeChat account owned by local media outlet Beijing Daily said the Li Auto Beijing plant is expected to see its first vehicle roll off the line by September this year.
The Beijing plant is used to produce all-electric models with a design capacity of 100,000 units per year, Li Auto management said in a call with analysts following the company's first-quarter earnings announcement on May 10, adding that the company will optimize its production lines and production efforts in the future in response to more model launches and demand.
Li Auto's plant in Changzhou, Jiangsu province, has two production lines, one of which is used to produce the Li L9 and Li L8, with a capacity of 20,000 to 25,000 vehicles per month in double-shift production, its management said during the call.
The other line, which produces the Li L7 and Li L8, is currently a single-shift line with a capacity of 10,000 to 12,000 per month. Further capacity can be ramped up later, depending on the demand for deliveries, the company said.
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.
($1 = RMB 7.1183)
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The preliminary figure was below the CPCA's previous estimate of around 580,000 units, suggesting that the market performed below expectations in the last week of May.
The China Passenger Car Association (CPCA) today released preliminary figures for May retail sales of new energy vehicles (NEVs) that were lower than previous estimates, suggesting that the market performed below expectations in the final week of May.
Retail sales of new energy passenger vehicles in China increased 55 percent in May to 557,000 units, up 6 percent from April, according to preliminary figures released today by the CPCA.
On May 23, the CPCA estimated in a report that China's estimated retail sales of new energy passenger vehicles in May would be around 580,000 units.
From January to May, retail sales of new energy passenger vehicles in China were 2.4 million units, up 40 percent year-on-year, the CPCA said today.
Wholesale sales of new energy passenger vehicles in China rose 59 percent to 671,000 units in May, up 11 percent from the previous month.
From January to May, wholesale sales of new energy passenger vehicles in China were 2.779 million units, up 47 percent year-on-year.
Retail sales of all passenger vehicles in China were 1.759 million units in May, up 30 percent year-on-year and up 8 percent from April, according to the CPCA.
This means that the penetration of new energy passenger vehicles at retail in May was 31.66 percent, down from 32.3 percent in April.
Retail sales of all passenger vehicles in China from January to May were 7.654 million units, up 4 percent year-on-year.
Wholesale sales of passenger vehicles in China were 2.015 million units in May, up 27 percent year-on-year and up 13 percent from April.
From January to May, wholesale sales of passenger cars in China were 8.857 million units, an increase of 11 percent year-on-year.
With the price war gradually receding, dealers are stabilizing their mindset and consumers are returning to rational consumption, easing the wait-and-see mood, the CPCA said.
The following is the CPCA's weekly retail sales data of the Chinese passenger vehicle market in May announced today:
In the first week of May, from May 1-7, the average daily retail sales of passenger cars were 54,000 units, up 67 percent year-on-year and up 46 percent over the same period in April.
In the second week of May, from May 8-14, the average daily retail sales of passenger cars were 48,000 units, up 44 percent year-on-year and up 6 percent from the same period in April.
In the third week of May, from May 15-21, the average daily retail sales of passenger cars were 48,000 units, up 15 percent year-on-year but down 12 percent from the same period in April.
In the fourth week of May, from May 22-28, the average daily retail sales of passenger cars were 50,000 units, down 17 percent year-on-year and 33 percent lower than the same period in April.
In the fifth week of May, May 29-31, the average daily retail sales of passenger cars were 122,000 units, up 94 percent year-on-year and up 57 percent from the same period in April.
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Li Auto is preparing to open so-called "central stores" in select Chinese cities, moving away from its current model of opening only experience stores in shopping malls, local media said.
(Image credit: Li Auto)
Li Auto (NASDAQ: LI) is said to be opening larger stores that resemble traditional dealership stores as part of an effort to expand its sales network.
The extended-range electric vehicle (EREV) maker is preparing to open so-called "central stores" in some Chinese cities, moving away from its existing model of opening only experience stores in shopping malls, local auto media outlet Yiche said in a report today.
These larger stores, similar to traditional car dealership stores, would offer a more comprehensive range of services, the report said, citing unnamed industry sources.
Li Auto is seeking proposals from supporters for sites to build such stores in 26 priority cities, including four first-tier cities -- Beijing, Shanghai, Guangzhou and Shenzhen -- and smaller cities including Nantong, Xinyang and Yangzhou, according to an image in the report.
Li Auto's requirements for venues are to be located in automotive markets, with luxury brands in around them preferred, and an area of 700-1500 square meters, according to the image.
For Li Auto, its original stores located in shopping malls seem to be inadequate as more models become available.
The company currently sells three models -- the five-seat Li L7, the six-seat Li L8 and the Li L9 -- all of them SUVs. It is expected to launch its first all-electric model, which will be an MPV, by the end of the year.
In terms of its retail store network, Li Auto was continuing to add new retail centers as it launches multiple models, the company's management said in a May 10 analyst call following its first-quarter earnings announcement.
Li Auto is also working quickly on store upgrades, replacing stores that used to be small with larger stores that support multiple models, the company said at the time.
Since the launch of Li L9 last June, Li Auto has optimized a total of nearly 50 existing stores and added more than 50 new stores through location changes and space expansions, the company previously said.
Li Auto opened 16 new retail stores and expanded two stores in May, according to information it announced on June 5.
As of May 31, 2023, Li Auto had 314 retail centers in China, covering 124 cities. It has 319 after-sales repair centers and authorized sheet metal spray centers, covering 222 cities.
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