Chinese auto start Lee Otto (L.I) unveiled its all-electric strategy at the Shanghai Auto Show on Tuesday. LI stock broke out on the Monday before the event. But China EV shares fell broadly on Tuesday, the first day of the auto show.
The new strategy will enable the first all-electric Li cars to get 400 kilometers (about 250 miles) of range on a 10-minute charge, CnEV He said. The report said all-electric vehicles, also known as battery electric vehicles or BEVs, will feature an 800-volt EV platform and CATL’s new cutting-edge “Qilin” battery.
More details are yet to come.
By 2025, Li’s product lineup will include a “super flagship model”, five plug-in hybrid electric cars, and five BEVs, it was reported.
Lee, the maker of premium electric vehicles, recently reported a market share of nearly 20% from CNY300,000 (roughly $44,000) to CNY500,000 in the SUV market. He has been outperforming his startup peers New (nio) And XPeng (XPEV).
All three startups are emerging competition for Tesla (TSLA) And BYD (BYDDF) in China, the largest car market in the world.
Until now, Li has specialized in a type of hybrid electric vehicle, which uses a gasoline-powered internal combustion engine to charge the battery. These vehicles (including their current models for sale, the L7, L8, and L9) are called “EREVs” for extended-range electric vehicles. They are proving very successful in China, where demand for charging stations outstrips supply, especially in less urban areas.
Going forward, Lee said it plans a “dual energy strategy,” which means it will continue to make EREVs while converting to BEVs.
LI Stock, China EV Stock
Shares of Li Auto fell 0.9% to 25.90 in the early stock market today. LI stock jumped 6.4% to 26.13 Monday, shedding 25.46 points long from a double bottom base, MarketSmith’s chart shows. Buy range goes to 26.73.
Li Auto stock has been down for most of 2022, but it’s back up this year. It gave an optimistic view of deliveries and revenue for the March quarter, and recently teased its plans for a BEV at the Shanghai Auto Show.
The upcoming BEV is expected to be priced around 200,000 yuan (about $29,000) – 500,000 CNY.
Among other Chinese EV startups, Nio jumped nearly 7% on Monday, while XPeng jumped more than 13% to 11.20. Nio and XPEV shares both fell early Tuesday. Shares of Chinese auto giant BYD rose nearly 3% on Monday but were quiet early Tuesday.
Nio and XPeng unveiled new EVs at the Shanghai Auto Show on Tuesday. The event runs until April 27th. BYD also has big plans for the auto show.
XPEV stock skyrocketed Monday after the beleaguered startup unveiled its next generation of low-cost electrical engineering over the weekend.
On Tuesday, Xpeng revealed the G6, its fifth production model and mid-size electric crossover. Xpeng’s G6 will be its first new model to use the new EV architecture.
The G6 is expected to compete with the Tesla Model Y in China, with a sleeker design and updated interior.
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