Li Auto founds NEV manufacturing subsidiary in Beijing

Shanghai (Gasgoo)- Nasdaq-listed Chinese automaker Li Auto recently set up a new subsidiary in Beijing that engages in the manufacturing of new energy vehicles (NEVs).

Named Beijing Li Auto Co.,Ltd., the newborn subsidiary involves a registered capital of 1 billion yuan ($152.642 million) and is wholly controlled by Leading Ideal HK Limited, according to the corporate data platform Tianyancha. Its business scope covers the manufacturing of new smart NEVs, refitted smart NEVs, mobile charging vehicles as well as NEV-related powertrains.

Li ONE; photo credit: Li Auto

Local media outlets reported in early April that Li Auto planned to build its second manufacturing plant, which may well be located in Beijing. Nonetheless, the information has not been officially confirmed by the automaker yet.

Li Auto currently has one mass-produced model for sale, namely the Li ONE, which is priced at 328,000 yuan ($50,066) after subsidies. The REEV (range-extended electric vehicle) model is being manufactured at the company's self-built plant in Changzhou, which features a capacity of 100,000 vehicles per year.

In March 2021, Li Auto delivered 4,900 Li ONEs, representing a 238.6% hike year on year and a 113% leap month on month. Its deliveries for the first quarter totaled 12,579 units, rocketing 334.4% compared to the same period a year ago.

Since the start of volume delivery at the end of 2019, Li Auto had delivered over 46,000 vehicles as of March 2021. The capacity of Changzhou plant suffices to current demands, while the startup may face the challenge of capacity shortage with the rapid growth in deliveries.