Category: Li Auto

China NEV insurance registrations for week ending Mar 26: BYD 43,490, Tesla 15,886, NIO 1,909

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.

(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.

(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.

(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.

(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.

had 2,934 insurance registrations last week, and its numbers for the first three weeks of March were 4,109, 988, and 515, respectively.

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

Weekly NEV insurance registrations in China in 2023

WkBYDTeslaNIOXPengLi AutoBMWZeekrNetaNEVAll
03/20-03/2643,49015,8861,9091,5645,0811,2142,934128,300400,400
03/13-03/1938,41418,7121,7751,2965,4381,847913515689112,650310,341
03/06-03/1237,14117,0322,1701,6354,2431,4861,043988522107,767308,726
02/27-03/0538,93213,2663,3451,4213,2221,6631,8144,109515116,238345,340
02/20-02/2639,47310,7053,3571,6855,3871,7921,8552,152401111,983331,238
02/13-02/1937,0265,9133,1741,4634,2382,2711,4431,038329100,408303,101
02/06-02/1231,4176,9633,0451,3964,0626825471,170NA85,572280,741
01/30-02/0524,2808,6431,9489752,2405935543,96411469,692267,843
01/23-01/295,2803,356427210990NA89NANA17,94592,600
01/16-01/2224,7087,4963,0081,0684,903NA657NANA67,500330,400
01/09-01/1540,42012,6542,9631,8174,5272,6871,35942023799,041438,000
01/02-01/0835,9242,1102,8181,5513,7042,1031,5112388077,000290,000

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Li Auto sees cumulative deliveries exceed 300,000 units

This means 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 (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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China NEV insurance registrations for week ending Mar 19: BYD 38,414, Tesla 18,712, NIO 1,775

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.

(OTCMKTS: BYDDY) vehicles continued to see the most insurance registrations, with 38,414 last week, up from 37,141 the previous week.

(NASDAQ: TSLA) vehicles saw 18,712 insurance registrations last week, up from 17,032 the week before.

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.

(NASDAQ: LI) vehicles registered 5,438 insurance units last week, up from 4,243 the previous week.

(NYSE: XPEV) had 1,296 vehicles last week, down from 1,635 the week before.

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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China EV industry sell-off creates opportunity, says Morgan Stanley

leads the pack with superior execution, but risk-reward increasingly favors and 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 and 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 Beijing plant expected to see 1st vehicle roll off line by Sept

'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.

Li Auto Q4 earnings: Key takeaways from conference call

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CATL to reach new price agreement with automakers as soon as end of Mar, report says

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 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 (NYSE: NIO), (NASDAQ: LI), and .

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)

CATL confirms it's negotiating new prices with EV makers

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Li Auto survey shows Li L8 buyers mainly former German luxury car owners

Among the first owners of the Li L8, those who previously owned a BMW 3 Series were the highest, followed by those who owned a BMW 5 Series and an Audi A6.

US | Li Auto HK

(Image credit: Li Auto)

Li Auto (NASDAQ: LI) is taking market share away from the German luxury car company, a survey by the company shows.

Among the first owners of the Li L8, those who previously owned a BMW 3 Series were the highest, followed by those who owned a BMW 5 Series, according to a survey of 303 first owners of the Li L8 released yesterday by Li Auto.

Among these Li L8 owners, the number of owners of the Audi A6 came in third, the Mercedes-Benz C-Class in fourth, the Audi A4 in fifth and the Audi Q5 in sixth.

Li Auto launched the Li L8, a six-seat mid to large-size SUV, on September 30, 2022, when it was offered in two versions, Pro as well as Max, with starting prices of RMB 359,800 ($52,300) and 399,800 respectively.

On February 8, Li Auto introduced a lower-priced Air version of the Li L8 with a starting price of RMB 339,800 when it launched the five-seat SUV Li L7.

Li Auto delivered 16,620 vehicles in February, up 9.77 percent from 15,141 in January and up 97.53 percent from 8,414 in the same month last year, data it released on March 1 showed.

The company did not release a breakdown of deliveries for these models, though data from the China Passenger Car Association (CPCA) monitored by CnEVPost show that 8,192 units of the Li L8 were delivered in February, bringing the model's cumulative deliveries to 29,773 units since deliveries began last November.

As for the owners' reasons for replacing their old cars for the Li L8, most believe the model is suitable for family use. Targeting family consumers has always been the positioning of Li Auto.

Some said their original cars had problems including constant minor issues and high gas consumption, and some said the Li Auto offered simple car-buying options.

($1 = RMB 6.8801)

Li Auto to build charging stations at 'NIO pace', report says

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China NEV insurance registrations for week ending Mar 12: BYD 37,141, Tesla 17,032, NIO 2,170

This article is being updated, please refresh later for more content.

's insurance registrations last week in China were higher than the previous week's 13,266, while 's were lower than the previous week's 3,345.

 

's new energy vehicles (NEVs) saw 37,141 insurance registrations in China for the week ending March 12, lower than the previous week's 38,932, according to numbers shared today by auto blogger @一路向北BYD.

Tesla vehicles saw 17,032 insurance registrations in China last week, higher than the previous week's 13,266.

NIO was 2,170 last week, down from 3,345 the week before.

registered 4,243 units last week, up from 3,222 units the previous week.

was 1,635 units last week, up from 1,421 units the week before.

BYD's premium brand Denza vehicles saw 1,853 insurance registrations last week, up from 1,808 the week before.

was 1,043 units last week, down from 1,814 units the week before.

BMW's NEVs registered 1,486 insurance units in China last week, down from 1,663 units the week before.

The past week has seen a rare price war in China's auto industry involving not only NEV makers, but traditional internal combustion engine automakers as well.

Rumors surfaced last week that BMW dealers were offering a massive subsidy for the all-electric BMW i3 in China, and that consumers who pay full price for the car can even get the model for RMB 120,000 to 180,000, less than half the retail price.

BMW insiders denied this, but sources at BMW dealers said they are indeed offering discounts, and that these measures were only introduced this month, local media Cailian reported last week.

For the BMW i3 eDrive35 L, which currently has a guide price of RMB 353,900, the price after discounts is RMB 248,000, the report said, citing BMW dealership sources.

Consumers will also receive an additional RMB 6,000 subsidy if they trade in their vehicles, the source said.

The increasing number of car companies joining the price war has led to increased consumer wait-and-see sentiment to avoid seeing price reductions shortly after purchasing a car.

Li Auto has introduced a consumer purchase price protection benefit that covers all of the company's currently available models -- Li L7, Li L8, Li L9.

For consumers who purchase these models, if the prices drops within 90 days of their order, then Li Auto will refund the difference.

The policy, which is available to consumers when they purchase the Li L7, Li L8, and Li L9, is primarily intended to make clear to them that Li Auto will not drop the prices, local media outlet The Paper said earlier today, citing salespeople from the company.

China NEV insurance registrations for week ending Mar 5: BYD 38,932, Tesla 13,266, NIO 3,345

Weekly NEV insurance registrations in China in 2023

WkBYDTeslaNIOXPengLi AutoBMWZeekrNEVNEV+ICE
03/06-03/1237,14117,0322,1701,6354,2431,4861,043988
02/27-03/0538,93213,2663,3451,4213,2221,6631,8144,109515116,238345,340
02/20-02/2639,47310,7053,3571,6855,3871,7921,8552,152401111,983331,238
02/13-02/1937,0265,9133,1741,4634,2382,2711,4431,038329100,408303,101
02/06-02/1231,4176,9633,0451,3964,0626825471,170NA85,572280,741
01/30-02/0524,2808,6431,9489752,2405935543,96411469,692267,843
01/23-01/295,2803,356427210990NA89NANA17,94592,600
01/16-01/2224,7087,4963,0081,0684,903NA657NANA67,500330,400
01/09-01/1540,42012,6542,9631,8174,5272,6871,35942023799,041438,000
01/02-01/0835,9242,1102,8181,5513,7042,1031,5112388077,000290,000

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Li Auto rolls out price protection policy amid China auto price war

The price war in China's auto industry has intensified the wait-and-see mood among car buyers, and 's move helps to allay potential consumers' concerns to some extent.

Li Auto US | Li Auto HK

(Image credit: Li Auto)

As the price war in China's auto industry continues, Li Auto (NASDAQ: LI) is telling consumers that it won't be cutting prices, at least they don't need to worry about it in the short term.

An image circulating on the Chinese internet on March 13 shows Li Auto rolling out a consumer price protection policy covering all of the company's currently available models -- the Li L7, Li L8 and Li L9.

For consumers who purchase these models, if the prices drop within 90 days of their order, then Li Auto will refund the difference.

The policy is in effect from March 11 to March 31, and the price reduction Li Auto refers to includes both a drop in the vehicle's official prices and the cash-off benefits the company offers, according to the image.

In a report today, local media outlet The Paper quoted Li Auto salespeople as saying the image is true.

The policy, which is available to consumers when they purchase the Li L7, Li L8 and Li L9, is primarily intended to make clear to them that Li Auto will not be dropping prices, the salesperson said.

On March 2, Li Auto founder, chairman and CEO Li Xiang said on Weibo that the price of lithium carbonate would be drastically reduced no matter what because the demand is far less than expected.

He said at the time in the comments section of that Weibo that Li Auto's models would not be reduced in price.

Notably, a wave of price cuts then began in the Chinese auto industry, with some internal combustion engine automakers starting to offer huge discounts.

The increasing number of car companies joining the price war has also led to an increased wait-and-see sentiment among consumers to avoid seeing price cuts soon after purchasing a car.

Li Auto's move will partly contribute to allaying the company's potential consumers' concerns and thus help it achieve its sales targets.

Li Auto has an internal goal of 25,000-30,000 monthly deliveries and will aim to meet that goal in the second quarter, its management said in a February 27 analyst call after announcing fourth-quarter earnings.

The company delivered 16,620 vehicles in February, up 9.77 percent from 15,141 in January and up 97.53 percent from 8,414 in the same month last year.

Li Auto guided for deliveries of 52,000 to 55,000 vehicles in the first quarter when it reported fourth-quarter earnings. The company's delivery figures for February mean it is on track to deliver 20,239 to 23,239 vehicles in March.

China auto price war: BMW dealers offer discounts of up to $14,360 for i3

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Li Auto begins deliveries of its first 5-seat SUV Li L7

has an internal goal of 25,000-30,000 monthly deliveries and will aim to meet the goal in the second quarter, its management said last month.

Li Auto US | Li Auto HK

(Image credit: Li Auto)

Li Auto (NASDAQ: LI) began deliveries of its new SUV, the Li L7, on March 11, a month after the model was launched.

Starting today, deliveries of the Li L7 will begin in China to meet the needs of a wider segment of family customers, the company said.

With the start of deliveries of the Li L7, Li Auto further solidifies its market position in the RMB 300,000 ($43,440) - 400,000 price range as the luxury SUV brand of choice for families, it said.

Li Auto officially made the Li L7, its first five-seat SUV, available on February 8. Its other two models currently on sale, the Li L9 and Li L8, are both six-seat models.

The Li L7 is available in Air, Pro and Max versions, with starting prices of RMB 319,800, 339,800 and 379,800 respectively.

Li Auto said at the launch of the Li L7 that deliveries of the Li L7 Pro and the Li L7 Max are expected to begin on March 1, and deliveries of the Li L7Air will begin in early April.

Today's latest development means that the start of Li L7 deliveries is 10 days later than the company had planned.

Deliveries of the Li L7 Pro and Li L7 Max were the first to begin today, with deliveries of the Li L7 Air scheduled to begin in early April, Li Auto said today.

All of Li Auto's current models are extended-range electric vehicles (EREVs), essentially PHEVs, which are considered to have no range anxiety and therefore have a larger total addressable market.

Li Auto delivered 16,620 vehicles in February, up 9.77 percent from 15,141 in January and up 97.53 percent from 8,414 in the same month last year, according to data it released on March 1.

Li Auto guided for first-quarter deliveries of 52,000 to 55,000 vehicles when it reported fourth-quarter earnings on February 27.

The company's delivery figures for February mean it is on track to deliver 20,239 to 23,239 vehicles in March.

Li Auto management said in an analyst call after announcing its fourth-quarter earnings that the company has an internal target of 25,000 to 30,000 monthly deliveries and will aim to achieve that target in the second quarter.

April will be the first full delivery month for the Li L7 Pro and Li L7 Max, and May will be the first full delivery month for the Air product line, its management stressed at the time.

When Li Auto launched the Li L7 on February 8, it also introduced a cheaper Air version for the Li L8.

The current starting prices for the Li L8 Air, Li L8 Pro and Li L8 Max are RMB 339,800, 359,800 and 399,800 respectively.

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

(1 $ = RMB 6.9063)

Li Auto to build charging stations at 'NIO pace', report says

The post Li Auto begins deliveries of its first 5-seat SUV Li L7 appeared first on CnEVPost.

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