Chinese EV startup Li Auto outperforms Tesla’s China business in October
In October, the China Passenger Car Association reported that Chinese startup Li Auto sold significantly more vehicles than Tesla’s China business. Li Auto broke records by selling 40,422 cars, far surpassing Tesla’s sales of 28,626 cars. The association’s data also revealed that Li Auto expects to maintain a similar pace of 41,700 to 42,600 vehicle deliveries per month in the fourth quarter.
Unlike Tesla’s battery-only models, Li Auto’s vehicles, all of which are SUVs, are equipped with a fuel tank for battery charging, alleviating concerns about driving range. Although Li Auto will introduce its first battery-only model, the MEGA multi-purpose vehicle, in February 2024, the company is planning to launch three more battery-only vehicles in the latter half of next year.
While Li Auto’s vehicles currently carry price tags between 319,800 yuan ($43,910) and 459,800 yuan, Tesla’s Model 3 and Model Y start at lower prices of 259,900 yuan and 263,900 yuan, respectively. It remains to be seen whether Li Auto will continue to outsell Tesla in the future. In September, Tesla sold 43,507 cars, while Li Auto sold 36,060, according to data from the China Passenger Car Association.
During the third-quarter earnings report, Li Auto announced earnings and revenue surpassing FactSet estimates. Although the company does not have immediate plans for overseas expansion, it is focusing on advancing its driver-assist technology to compete in China’s rapidly growing electric car market. The company has plans to expand its research and development team for autonomous driving to more than 2,500 people by the end of 2025, indicating the company’s strong focus on technological development.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
