Gasgoo Munich-On Oct. 16, Li Auto announced that its chip subsidiary, Mach Intelligent Cores Limited, has signed a first-round equity financing agreement totaling 1.625 billion yuan.
The round was led by Hangzhou Jingtao, Lanchi Ventures, and HyT Capital, with MiraclePlus participating. Hangzhou Jingtao and its affiliated funds also received an additional subscription right of up to 500 million yuan; if fully exercised, the post-money valuation would reach 17.1 billion yuan.
The fresh capital will help Mach Intelligent Cores Limited push forward with chip R&D and commercialization, capturing broader industry opportunities — particularly beyond the automotive sector — and fueling Li Auto's long-term growth in chips and domain controllers.
Driven by AI inference demands, Li Auto has built full-stack technical capabilities for on-device AI through the co-design of algorithms, compilers, operating systems, and chips. Its in-house Mach M100 chip, the world's first dynamic dataflow AI chip, uses a 5nm automotive-grade process and delivers 1,280 TOPS of computing power per unit.
Image credit: Li Auto
The Mach M100 chip is already installed in Li Auto's latest mass-produced models, making the leap from original architecture to volume production and laying the groundwork for the chip business to scale.
Notably, Li Auto will retain a 74.01% stake in Mach Intelligent Cores Limited, maintaining its controlling position. This allows the automaker to fully leverage synergies across chip, model, and vehicle R&D, accelerating the conversion of tech innovation into user experience while using mass-production data to refine its chip products.
Looking ahead, Mach Intelligent Cores Limited will leverage its full-stack tech and product ecosystem — spanning chips, domain controllers, and operating systems — to serve Li Auto's vehicles while also supplying products and forging partnerships with external clients, extending its reach beyond the auto industry.
By serving a wider client base, Mach Intelligent Cores Limited will further unlock economies of scale, sustaining R&D and product iteration to turn its chip and domain controller business into a second growth curve that complements Li Auto's premium smart EV operations.
