Chinese startup Li Auto’s car sales in October exceeded those of Tesla’s China operations, according to the China Passenger Car Association.
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Beijing – Chinese startups ideal car More cars sold than Tesla’Business in China performed well in October, according to the China Passenger Car Association.
Association data on Thursday showed the startup sold a record 40,422 vehicles in October, well ahead of Tesla’s 28,626 vehicles.
Li Auto also predicts that it will continue to deliver cars at a similar pace in the fourth quarter: 41,700 to 42,600 cars per month.
Unlike Tesla’s battery-only models, Li Auto’s vehicles (all SUVs) are equipped with fuel tanks for charging the batteries. This helps alleviate consumer concerns about driving range.
Li Auto plans to start delivering its first pure battery model, the MEGA multi-purpose vehicle, in February 2024. The company said it plans to launch three more pure battery vehicles in the second half of next year.
Li Auto’s current prices range from 319,800 yuan ($43,910) to 459,800 yuan. The starting prices of Model 3 and Model Y are lower, at 259,900 yuan and 263,900 yuan respectively.
It’s unclear whether Li Auto’s future car sales will continue to exceed Tesla’s. According to data from the China Passenger Car Association, Tesla sales in September were 43,507 units and Li Auto sales were 36,060 units.
Li Auto vs Tesla
Li Auto reported third-quarter profit and revenue Thursday that topped FactSet estimates.
Unlike many of its local peers, the company has no immediate plans to expand overseas.
However, the startup is considering Driving assistance technology as a way to compete in China’s popular electric vehicle market.
The company plans to more than double the size of its autonomous driving research and development team by the end of 2025, from about 900 to more than 2,500 people, President Ma Donghui said during an earnings call on Thursday, according to FactSet records.
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