Li Auto Made A Record In October
In October, Li Auto sold a record 40,422 cars in October, leaving Tesla far behind with 28,626 EVs. This is quite a turnaround from September when Tesla led with 43,507 EVs while Li Auto was behind with 36,060 units.
Li Auto Deliveres Strong Third Quarter Results That Exceeded Estimates.
With its third quarter results, Li Auto swung to a profit of about $386 million on revenue that more than tripled to about $4.75 billion. Unlike many of its local peers, Li Auto does not have immediate plans for overseas growth. But, it is increasing its efforts in autonomous driving as it will be more than doubling the number of its research and development team members by the end of 2025.
For The First Time In Its History, Tesla Could Soon Be Threatened
With its domestic rivals in China picking up speed and expanding their footprint while its margins significantly contracted this year due to price cuts, Tesla cannot afford to ignore its weaknesses and growing threats as BYD, XPeng and Li Auto are showing no signs of slowing down.
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