Chinese electric vehicle maker and Tesla, Inc TSLA rival Li Auto Inc 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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