Li Auto, a Chinese EV Company is aiming to Compete with Local Manufacturers
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As per the latest reports, a Chinese electric vehicle manufacturing company “Li Auto” has revealed its plans for the year 2021. Li Auto is an electric vehicle company that has been listed on NASDAQ and has been around since 2015. The company is responsible for manufacturing electric vehicles and has been one of the top competitors with local EV manufacturers such as Nio.
This time, Li Auto has shared the cars that it is going to manufacture in the first quarter of the year 2021. It has been revealed that the cars it is going to manufacture in the first quarter of the year would be less than that of its competitor “Nio”.
The company shared its plans for the EV deliveries in the first quarter of 2021 on Thursday, February 25, 2021. Li Auto revealed that in the first quarter of the year 2021, the company had planned on delivering around 10,500 to 11,500 electric vehicles.
The company had aimed to manufacture a little less than 4,000 electric vehicles for the particular quarter of the year 2021. It has been reported that the share prices of Li Auto fell by 9.8% at the trading session in New York. The sources confirm that the drop was experienced due to a market sell-off that took place on a broader scale.
It was later revealed that in the later hours, the stock prices of the company fell even further by 3.75% more during the trades.
On the other hand, Li Auto’s competitor “Nio” has ended up outperforming Li Auto when it comes to forecasting and EV deliveries. The company is in a contest with Nio when it comes to the high-end SUV markets in the country.
As per Nio, it successfully carried out the delivery of 7,000 EVs in the month of December 2020. The company continued to do the same in January of 2021, delivering 7,000 units in the particular month as well.
Nio has confirmed that the figures that it has at the moment are raw and it will be sharing confirmed figures in the financial report on Monday, March 1, 2021.
Another competitor of Li Auto has shared its delivery figures for the month of December and January respectively. As per Xpeng, another EV manufacturing company in China, it was able to manufacture and deliver 5,700 cars in the month of December 2020. On the other than, the company had successfully manufactured and delivered 6,000 cars in the month of January 2021.
All of the above companies are EV startups in China and aiming to overtake the EV markets in the country, yet their performance pales in comparison with Tesla.
Tesla is the largest EV Company in the entire world and on a monthly basis, the company is said to deliver an average of 41,000 vehicles.
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