Tesla China Rival Charges Ahead As April Sales Surge Six-Fold To Over 25K EVs
Benzinga – Chinese electric vehicle maker and Tesla, Inc (NASDAQ:TSLA) rival Li Auto Inc (NASDAQ:LI) reported monthly deliveries exceeding 20,000 for the second consecutive month, owing to the rising popularity of its Li L7 SUV.
What Happened: Li Auto delivered 25,681 vehicles in April, marking an increase of 516.3% year over year and 23% as compared to March. The numbers surpass Li’s March delivery record of 20,823 units to set a new monthly record.
“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 Auto chairman and CEO Xiang Li in a statement.
Li Auto expects to roll out in 100 cities across China by year-end. It further expects to expand its product portfolio with one super flagship vehicle, five EREVs, and five HPC BEVs by 2025.
Why It Matters: The Li L7 is a five-seat flagship SUV launched in February. The model is available in three trims- Li L7 Air, Li L7 Pro, and Li L7 Max priced at RMB319,800, RMB339,800, and RMB379,800, respectively.
In the first quarter, Li Auto’s first-quarter deliveries rose 65.8% year-over-year to 52,584 units, hitting the low end of the company’s guidance range of 52,000 to 55,000 units. In the first quarter, Tesla’s China-made vehicle sales were 229,322, up 25.9% from a year earlier.
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Read More: Nearly 1 In 5 New Cars In The World Will Be Electric By End Of 2023: IEA Report
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