Smart and Sustainable Electric Mobility
The Li L9 perception hardware includes one forward 128-line LiDAR, six 8-megapixel cameras, five 2-megapixel cameras, one forward millimeter wave radar, and twelve ultrasonic sensors.
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Li Auto delivered 20,823 vehicles in March, the second time after last December that it exceeded 20,000, figures released today show.
This represents a 25 percent increase over February's 16,620 vehicles and an 88.72 percent increase over the 11,034 vehicles delivered in the same month last year.
The deliveries are the second highest for a single month since Li Auto's inception, after the previous record high of 21,233 vehicles in December last year.
Li Auto delivered 52,584 vehicles in the first quarter, up 65.8 percent year-over-year and up 13.53 percent from the fourth quarter last year.
The company provided guidance of 52,000 to 55,000 vehicles delivered and revenue guidance of RMB 17.45 billion to RMB 18.45 billion for the first quarter when it announced its fourth quarter earnings on Feb. 27.
As of March 31, 2023, the cumulative deliveries of Ideal Vehicles were 309,918 vehicles.
The following is a press release from Li Auto and the CnEVPost article is being updated.
Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China's new energy vehicle market, today announced that the Company delivered 20,823 vehicles in March 2023, surpassing the 20,000 monthly delivery mark again and representing an increase of 88.7% year over year.
This took the Company's first quarter deliveries to 52,584, up 65.8% year over year. The cumulative deliveries of Li Auto vehicles reached 309,918 as of the end of March.
“We have commenced deliveries of Li L7, our five-seat flagship family SUV, and are pleased to hear from its first users that their satisfaction with the vehicle has exceeded their expectation. As of the end of March, we delivered over 300,000 vehicles cumulatively, the fastest among China's premium NEV manufacturers to achieve this milestone,” commented Xiang Li, chairman and chief executive officer of Li Auto.
“We are also very excited to see that Li Auto has captured nearly 20% market share in the RMB300,000 to RMB500,000 SUV market in China, and become a brand of choice among premium family SUVs, demonstrating our product strengths and users' widespread recognition. Finally, we will begin to deliver Li L7 Air and Li L8 Air in April.”
As of March 31, 2023, the Company had 299 retail stores in 123 cities, as well as 318 servicing centers and Li Auto-authorized body and paint shops operating in 223 cities.
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NIO and Li Auto's mobile apps have been featuring pretty girls significantly more often lately, while XPeng is running a campaign to encourage users to share such content on its app.
Whenever we open the NIO (NYSE: NIO) mobile app to see what's going on at the company, there are always posts with lots of pictures of pretty girls on the front page.
This practice has been seen occasionally before, but has become more frequent this year with the large deliveries of the ET5 sedan.
We found a similar practice after taking a deeper look at the mobile apps of Li Auto (NASDAQ: LI) and XPeng (NYSE: XPEV), with the latter launching a campaign to encourage ladies to make similar posts.
The NIO App is a great source for monitoring information about NIO and a great way for many people to learn about the company's developments and vehicle models.
The app has probably the largest number of users of any Chinese carmaker, and may even surpass many popular apps from local tech giants.
As of December 12, 2022, the NIO App had accumulated more than 5 million registered users, Qin Lihong, the company's co-founder and president, said in a media communication late last year.
Qin said at the time that NIO App had more than 380,000 daily active users and could reach more than 400,000 at its peak.
"Now many people treat NIO App as a vertical media, and a popular one. Not only the content shared by NIO users, but I believe you can also get a lot of industry information, including the latest news, from our app," Qin said.
Before this year, pretty girls didn't appear in the NIO App very often, perhaps because the company had previously been delivering models with high prices and targeted mainly a relatively affluent demographic.
With the mass delivery of the ET5, which targets a younger demographic, pretty girls are appearing significantly more often in the NIO App.
In January-February, NIO delivered 20,663 vehicles, of which the ET5 contributed 12,266, or 59 percent, according to data monitored by CnEVPost.
More than half of NIO owners are ladies, and 83.9 percent have a bachelor's degree, according to a report released last month by local market research firm Sino Monitor.
The Li Auto App shows a similar picture, especially as deliveries of the new SUV Li L7 begin.
Li Auto targets family users, and the Li L9 and Li L8 are both six-seat models. The large space and well-considered details make them a must-consider option for many families with children when purchasing a car.
Before this year, the Li Auto App showcased posts shared from users that essentially described how the vehicles had worked for their families.
But as deliveries of the company's first five-seat SUV, the Li L7, begin this month, there are more posts with photos of pretty girls, although the company is still emphasizing that the SUV is still aimed at families.
There are relatively fewer posts with photos of pretty girls in XPeng's mobile app, but that doesn't mean the company doesn't want to recommend such content.
Earlier this month, the company posted a thread on the XPeng App calling on female car owners to share their experiences with their cars, and prizes will be awarded for the best content.
The campaign runs from March 2 to March 31, and XPeng will announce which ones have won rewards on April 5.
Understandably, NIO, Li Auto and XPeng are doing this. After all, articles with pictures of pretty girls are more likely to attract readers to click on them, thus increasing people's understanding of their products.
NIO and Li Auto have done better in this regard, in large part perhaps because their helmsmen were previously the founders of two of China's largest automotive media outlets.
Li Xiang, the founder, chairman and CEO of Li Auto, is the founder of Auto Home, and William Li, the founder, chairman and CEO of NIO, is the founder of Yiche. The websites of these two auto media outlets attract tens of millions of users every day, and posts with pictures of pretty girls are common.
Here are screenshots of some of the content recommended on the NIO App homepage.
Here are screenshots of some of the content recommended on the Li Auto App homepage.
Below are screenshots of some of the content from the XPeng App.
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In the price range of RMB 300,000-500,000, Li Auto has a market share of nearly 20 percent, it said. | Li Auto US | Li Auto HK
(Image credit: Li Auto)
Li Auto (NASDAQ: LI) saw a milestone in cumulative deliveries of the three L-series models currently on sale.
Li Auto vehicles had more than 5,000 insurance registrations last week, and the L-series models have seen more than 100,000 cumulative deliveries, the automaker announced Wednesday on Weibo.
It took just seven months to reach the milestone since the L-series models were delivered, Li Auto said.
Li Auto's current offerings are all extended-range electric vehicles (EREVs), which have an all-electric range of about 200 kilometers and can be refueled.
The company's first model, the Li ONE, which was discontinued last year, had accumulated 203,925 deliveries by the end of January, according to data monitored by CnEVPost.
The first model in Li Auto's L series is the flagship Li L9, which was launched on June 21, 2022 and began deliveries on August 30 last year.
From September last year to February this year, Li L9 accumulated 54,268 units delivered, according to data monitored by CnEVPost from Li Auto and China Passenger Car Association (CPCA).
On September 30, 2022, Li Auto launched the Li L8, the second model in its L series. Deliveries of the Li L8 began on November 10, with cumulative deliveries of 29,773 units as of the end of February.
On February 8, Li Auto launched the Li L7, and deliveries of the model began on March 11.
Insurance registrations for Li Auto vehicles were 5,081 for the week of March 20 to March 26, the company announced yesterday, in line with CnEVPost's report on Tuesday.
In the price range of RMB 300,000 ($43,480)-500,000, Li Auto has close to 20 percent market share as the luxury SUV brand of choice for families, it said.
Li Auto delivered the Li L9, Li L8 and Li L7 to three owners at its Beijing delivery center on March 24, bringing cumulative deliveries to more than 300,000 units.
Li Auto is expected to announce its March deliveries on April 1, having delivered 15,141 and 16,620 vehicles in January and February, respectively.
($1 = RMB 6.9000)
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NIO is on track to reach its guidance, with 9,199 vehicles registered in the past four weeks.
Insurance registrations for new energy vehicles (NEVs) in China continued to increase last week compared to the previous week, although the performance of major automakers was mixed.
For the week ending March 26, insurance registrations for all passenger vehicles in China were 400,400 units, up 37.64 percent year-on-year and up 29.02 percent from the previous week, according to information shared today by several auto bloggers on Weibo and WeChat groups.
Among them, the number of traditional internal combustion engine vehicles was 272,100, up 43.50 percent year-on-year and up 37.64 percent from the previous week.
Insurance registrations for NEVs were 128,300, up 26.63 percent year-on-year and up 13.89 percent from the previous week. This means that the penetration rate of NEVs was 32 percent last week.
BYD (OTCMKTS: BYDDY) NEVs registered 43,490 units last week, up from 38,414 units the week before. In the first and second weeks of March, BYD's numbers were 38,932 and 37,141 units, respectively.
Tesla (NASDAQ: TSLA) saw 15,886 units for the week, down from 18,712 units the week before. Insurance registrations for Tesla vehicles in China were 13,266 and 17,032 in the first and second weeks of March, respectively.
This means that over the past four weeks, Tesla vehicles have had 64,896 insurance registrations in China.
If Tesla vehicles register the same number of insurance units this week as last week, it may deliver a record number of vehicles in China in March, surpassing the 77,938 units delivered in June 2022.
Tesla has a factory in Shanghai that makes the Model 3 and the Model Y. Its pattern is to produce cars for export in the first half of the quarter and for the local market in the second half.
NIO (NYSE: NIO) vehicles had 1,909 insurance registrations last week, up from 1,775 the week before. The company's insurance registration figures for the first and second weeks of March were 3,345 and 2,170, respectively.
NIO guided earlier this month for first-quarter deliveries of between 31,000 and 33,000 vehicles, meaning that March deliveries are expected to be between 10,337 and 12,337.
NIO is on track to meet its guidance, with 9,199 vehicles registered for insurance in the last four weeks, although the first week of March included the last two days of February.
XPeng (NYSE: XPEV) vehicles had 1,564 insurance registrations last week, up from 1,296 the previous week. The number was 1,421 and 1,635 in the first and second weeks, respectively, for a four-week total of 5,916 vehicles.
XPeng previously guided for first-quarter vehicle deliveries of 18,000 to 19,000 units, meaning March deliveries are expected to be between 6,772 and 7,772 units.
Li Auto (NASDAQ: LI) vehicles saw 5,081 insurance registrations last week, down from 5,438 the week before. It posted figures of 3,222 and 4,243 for the first and second weeks of March, respectively, for a four-week total of 17,984 vehicles.
Li Auto guided for first-quarter deliveries of 52,000 to 55,000 vehicles, implying a year-on-year increase of 64.0 percent to 73.4 percent.
Li Auto's guidance of 52,000 to 55,000 vehicles for the first quarter implies March deliveries are expected to be 20,239 to -23,239 vehicles.
Neta had 2,934 insurance registrations last week, and its numbers for the first three weeks of March were 4,109, 988, and 515, respectively.
Zeekr was at 1,214 units last week, and that figure was 1,814, 1,043, and 913 units in the first three weeks.
China NEV insurance registrations for week ending Mar 19: BYD 38,414, Tesla 18,712, NIO 1,775
| Wk | BYD | Tesla | NIO | XPeng | Li Auto | BMW | Zeekr | Neta | Leapmotor | NEV | All |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 03/20-03/26 | 43,490 | 15,886 | 1,909 | 1,564 | 5,081 | 1,214 | 2,934 | 128,300 | 400,400 | ||
| 03/13-03/19 | 38,414 | 18,712 | 1,775 | 1,296 | 5,438 | 1,847 | 913 | 515 | 689 | 112,650 | 310,341 |
| 03/06-03/12 | 37,141 | 17,032 | 2,170 | 1,635 | 4,243 | 1,486 | 1,043 | 988 | 522 | 107,767 | 308,726 |
| 02/27-03/05 | 38,932 | 13,266 | 3,345 | 1,421 | 3,222 | 1,663 | 1,814 | 4,109 | 515 | 116,238 | 345,340 |
| 02/20-02/26 | 39,473 | 10,705 | 3,357 | 1,685 | 5,387 | 1,792 | 1,855 | 2,152 | 401 | 111,983 | 331,238 |
| 02/13-02/19 | 37,026 | 5,913 | 3,174 | 1,463 | 4,238 | 2,271 | 1,443 | 1,038 | 329 | 100,408 | 303,101 |
| 02/06-02/12 | 31,417 | 6,963 | 3,045 | 1,396 | 4,062 | 682 | 547 | 1,170 | NA | 85,572 | 280,741 |
| 01/30-02/05 | 24,280 | 8,643 | 1,948 | 975 | 2,240 | 593 | 554 | 3,964 | 114 | 69,692 | 267,843 |
| 01/23-01/29 | 5,280 | 3,356 | 427 | 210 | 990 | NA | 89 | NA | NA | 17,945 | 92,600 |
| 01/16-01/22 | 24,708 | 7,496 | 3,008 | 1,068 | 4,903 | NA | 657 | NA | NA | 67,500 | 330,400 |
| 01/09-01/15 | 40,420 | 12,654 | 2,963 | 1,817 | 4,527 | 2,687 | 1,359 | 420 | 237 | 99,041 | 438,000 |
| 01/02-01/08 | 35,924 | 2,110 | 2,818 | 1,551 | 3,704 | 2,103 | 1,511 | 238 | 80 | 77,000 | 290,000 |
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This means Li Auto has seen more than 10,905 deliveries so far this month.
(Image credit: Li Auto)
Li Auto (NASDAQ: LI) saw cumulative vehicle deliveries top 300,000, meaning it has delivered more than 10,000 vehicles so far this month.
Li Auto delivered the Li L9, Li L8 and Li L7 to three owners at its Beijing delivery center on March 24, bringing cumulative deliveries to more than 300,000 vehicles, the company announced today.
Li Auto achieved its 300,000th vehicle delivery in 39 months since it officially began delivering vehicles in December 2019, the fastest among China's homegrown new luxury carmaker brands, it said.
Li Auto delivered 15,141 and 16,620 vehicles in January and February, respectively, for a cumulative total of 289,095 deliveries as of the end of February, according to data monitored by CnEVPost.
The latest development means that as of today, Li Auto has delivered more than 10,905 units so far this month. The company is expected to announce March's delivery figures on April 1.
Li Auto's local peer NIO (NYSE: NIO) saw its 300,000th vehicle delivered in February, but did not publicly market it.
NIO delivered 12,157 vehicles in February, bringing cumulative deliveries through the end of February to 310,219.
Li Auto's models currently on sale have gained close to 20 percent market share in the RMB 300,000 ($43,810)-500,000 price range, making it the luxury SUV brand of choice for families, the company said.
Li Auto's current offerings are all extended-range electric vehicles (EREVs) with an all-electric range of about 200 kilometers and the ability to refuel.
On March 22, William Li, founder, chairman and CEO of NIO, said at a forum that the company had delivered more than 310,000 units as of February this year, accounting for more than 66 percent of the premium EV market in January and February.
All of NIO's current models are pure electric models and are aimed at a market with a price tag of more than RMB 300,000.
Li Auto does not currently have any pure electric models and its first such model will be an MPV, which is expected to be released by the end of the year.
In terms of technology development, Li Auto continues to invest in R&D and has achieved in-house development and production of core components such as range-extender and XCU central domain controller, the company said today.
Li Auto insists on in-house R&D in assisted driving systems and makes models equipped with assisted driving systems as standard, it said.
As of March 23, Li Auto's in-house developed AD smart driving system has accumulated more than 550 million kilometers, including more than 100 million kilometers for the NOA navigation assisted driving system, it said.
($1 = RMB 6.8473)
Li Auto to build charging stations at 'NIO pace', report says
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Insurance registrations for China's NEVs were 113,000 last week, up from 108,000 the week before.
Insurance registrations for new energy vehicles (NEVs) in China increased last week compared to the previous week, with a mixed performance from major EV makers.
From March 13 to March 19, insurance registrations for all passenger vehicles in China were 321,000 units, up from 308,000 units the previous week, according to figures shared by several car bloggers on Weibo.
Insurance registrations for NEVs were 113,000 last week, up from 108,000 the week before.
BYD (OTCMKTS: BYDDY) vehicles continued to see the most insurance registrations, with 38,414 last week, up from 37,141 the previous week.
Tesla (NASDAQ: TSLA) vehicles saw 18,712 insurance registrations last week, up from 17,032 the week before.
NIO was 1,775 vehicles last week, down from 2,170 the week before.
NIO guided for first-quarter deliveries between 31,000 and 33,000 units earlier this month, meaning March deliveries are expected to be between 10,337 and 12,337 units.
The company's insurance registrations for the first week of March, which included February 27 and February 28, were 3,345 units.
Li Auto (NASDAQ: LI) vehicles registered 5,438 insurance units last week, up from 4,243 the previous week.
XPeng (NYSE: XPEV) had 1,296 vehicles last week, down from 1,635 the week before.
Zeekr posted 914 units last week, down from 1,043 units the previous week.
China NEV insurance registrations for week ending Mar 12: BYD 37,141, Tesla 17,032, NIO 2,170
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Li Auto leads the pack with superior execution, but risk-reward increasingly favors XPeng and NIO after a drastic sell-off this year, Morgan Stanley said.
Shares of major Chinese electric vehicle (EV) makers have generally suffered a sell-off so far this year, as the sector's weak sales at the start of the year and recent widespread price wars have raised investor concerns.
However, in Morgan Stanley's view, the sales potential of China's EV companies in the second half of the year is underestimated at a time when costs are sliding.
"We think YTD stock corrections should have discounted competition risks but underrate the cost-driven upside to EV margin/volume in 2H, " Morgan Stanley analyst Tim Hsiao's team said in a research note sent to investors on March 19.
As of Monday's close, NIO's (NYSE: NIO) US-traded ADR was down 10 percent this year, XPeng was down 8 percent, and Li Auto was up about 12 percent.
Hsiao's team believes that significant margin pressure from price wars will fuel market concerns about industry profitability and cash flow, especially among new energy vehicle (NEV) heavyweights, namely BYD and Tesla China, which can afford to initiate another round of price cuts in the second quarter.
That, combined with weak full-year sales following the stimulus withdrawal, could dampen sales volumes and margins for EV brands in the first half of 2023, the team said.
Still, the production potential of China's NEV industry in the second half of the year and beyond appears to be underestimated as the decline in prices of batteries and key components accelerates following aggressive capacity expansion in 2022, the team noted.
This could translate into potential margin relief for NEV makers and potentially increase NEV penetration in the second half of the year in a cost-effective manner, the team said.
Hsiao's team estimates a 20-25 percent drop in battery costs for major NEV makers, implying a 6-10 percentage point cost savings.
The price drop of lithium carbonate, a key raw material for batteries, has accelerated in recent days and saw its biggest one-day drop so far this year on March 20, according to a CnEVPost report yesterday.
The average price of both industrial-grade lithium carbonate and battery-grade lithium carbonate fell by RMB 12,500 per ton on March 20, with the latest average price at RMB 272,500 per ton and RMB 312,500 per ton, respectively.
NIO's management said in a call with analysts after the March 1 earnings announcement that they expect lithium carbonate prices to fall back to around RMB 200,000 per ton this year, boosting gross margins back up.
EV makers that can take full advantage of this will not only enjoy margin relief, but also have more flexibility to price their models to further boost NEV penetration in mass markets and lower-tier cities, Hsiao's team wrote in their report.
"That said, the tailwinds from falling input costs may take time to kick in as our checks with major OEMs suggest they are still in discussions with battery suppliers on new terms," the team added.
The team believes that a tougher operating environment will accelerate market reshuffling, with leading EV manufacturers weathering the downturn better than their peers, while the growth of smaller, lagging EV startups could be slowed by a depletion of liquidity in 2023.
Growing investments should also push up cash burn rates. As a result, the ability to optimize working capital and access to market funding will play a more important role in ongoing operations in 2023, the team added.
"Our analysis suggests EV trio (NIO, XPeng, and Li Auto) will still hold fast, backed by healthy balance sheet conditions and better connections to capital markets," Hsiao's team wrote.
The team said they're fully aware of investor worries about EV startups' cash burn that may rapidly deplete their liquidity.
But they believe the EV trio can remain self-funded for the next 18 months, even under the stress-test scenario of a prolonged price war.
"We believe continuous investment would further solidify their technology leadership and enable them to have a better chance of winning out in the next up-cycle," the team wrote.
The team believes that trough valuations mean the market has lowered expectations for EV startups' operational performance and financial resilience in an industry downturn, making any marginal improvement in their sales a meaningful stock catalyst.
Li Auto leads the pack with superior execution, but risk-reward increasingly favors XPeng and NIO after this year's sharp dip, the team said.
Lithium prices see biggest drop this year in China as decline accelerates
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Li Auto's first all-electric model will go into production at its Beijing plant, with an annual capacity of 100,000 all-electric vehicles in the first phase.
Li Auto US | Li Auto HK
(A rendering of Li Auto's factory posted on Weibo by Beijing Shunyi district authorities.)
Li Auto's (NASDAQ: LI) plant in Beijing, where it is headquartered, is expected to be operational by September to produce its first all-electric model.
Li Auto's manufacturing site in Beijing -- built on the site of the original Hyundai No. 1 plant -- is expected to see its first vehicle roll off the line by September of this year, according to an article published yesterday by a WeChat account owned by local media outlet Beijing Daily.
The article said Beijing officials toured the factories of automakers including BAIC and Li Auto in the city's Shunyi district on March 14.
Yin Li, party chief of Beijing, checked out the construction of Li Auto's Beijing plant and the current operation of its pilot production center, according to the report.
He asked Beijing government authorities to support Li Auto's development in the city by providing smooth services and helping the company resolve difficulties.
Yi said he hoped Li Auto would stay rooted in Beijing and accelerate the start-up of projects under construction, according to the report.
Li Auto's current vehicles -- the Li L7, Li L8 and Li L9 -- are all extended-range electric vehicles (EREVs), all produced at its plant in Changzhou, Jiangsu province, in eastern China.
On October 16, 2021, an announcement from Beijing's Shunyi District government said that Li Auto had officially started construction of its manufacturing site in the district, with production scheduled to begin by the end of 2023.
Upon reaching production, the plant will achieve an annual capacity of 100,000 units of pure-play electric vehicles, the announcement said.
The plant was originally Hyundai's No. 1 factory, but production had been halted since April 2019.
A Beijing Daily report at the time cited officials from the Beijing Municipal Development and Reform Commission as saying that Li Auto had utilized 60 percent of the plant's original resources, maximizing the existing stock of plant resources.
On March 14, the Shunyi district government said in a post on its official Weibo account that Li Auto's factory in Beijing would be reviewed for production qualifications in the near future.
Li Auto's first all-electric model will go into production at the plant, with an annual capacity of 100,000 all-electric vehicles in the first phase, according to the post.
Li Auto's official Weibo account, which reposted the post, added that the second phase of the Li Auto industrial park, its R&D office center here, is also under construction.
The company's first all-electric model is expected to be an MPV.
In terms of product form, an SUV with extended-range technology would be a more appropriate choice. Li Auto's future pure electric models will bring a product completely different from any form currently on the market and will not have an impact on existing products, Li Xiang, founder, chairman and CEO of Li Auto, said on Weibo in June last year.
In July last year, a model suspected to be Li Auto's MPV was seen appearing in front of Li Auto's Beijing R&D headquarters.
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The price of lithium, a raw material for batteries, has accelerated its decline, with industrial-grade lithium carbonate falling RMB 7,500 per ton to RMB 302,500 per ton today.
New price agreements between Chinese power battery giant CATL and some local automakers are expected to be reached this month, at a time when battery raw material prices continue to fall.
CATL's lithium rebate policy is progressing steadily, and it is now at the practical stage of signing agreements with some car companies, local media Cailian said today, citing sources close to the battery maker.
These agreements are expected to be reached by the end of this month at the earliest, the source said.
CATL's plan was first reported on February 17 by local media outlet 36kr, which said it is not aimed at all customers, but rather at several strategic customers, including NIO (NYSE: NIO), Li Auto (NASDAQ: LI), Huawei and Zeekr.
The core terms of the partnership include that CATL will settle a portion of the price of power battery supply with car companies at a rate of RMB 200,000 ($28,970) per ton of lithium carbonate for the next three years.
At the same time, car companies signing the partnership will be required to commit about 80 percent of their battery purchases to CATL, according to the report.
CATL management first acknowledged the move during the company's earnings call on March 9.
CATL's lithium sharing plan is not for the purpose of lowering prices, but rather the company already has some mineral resources and does not want to reap windfall profits, its management said.
CATL wants to be able to share with long-term strategic customers and is moving forward with communications to that end, the company said.
Prior to that, Li Auto and NIO both said that they had ongoing discussions with CATL when asked about the topic in their respective earnings calls.
CATL's move comes as lithium carbonate has been falling for months.
Today's quotes for industrial-grade lithium carbonate and battery-grade lithium carbonate in China were both down RMB 7,500 per ton, with the latest average prices at RMB302,500 per ton and RMB 340,000 per ton, respectively, according to My Steel.
($1 = RMB 6.9040)
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