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Li Auto, whose Li One SUV competes against Tesla’s Model Y, predicts at least a 15 per cent sales jump as the US carmaker runs foul of angry Chinese customers
- The Chinese Tesla rival expects sales to rise between April and June following a lacklustre first quarter, as the American giant reels from a spat over quality and safety
- Li Auto made a net loss of 360 million yuan in the first quarter, compared to a net income of 107.5 million yuan between September and December
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Li Auto, a Chinese Tesla rival, expects at least a 15 per cent increase in sales between April and June following a lacklustre performance in the first quarter.
The Nasdaq-listed carmaker said on Wednesday that deliveries in the second quarter of this year would be in the range of 14,500 to 15,500 units, up from 12,579 units in the first three months.
Li Auto, one of the three major Chinese Tesla challengers along with NIO and Xpeng, looks set to increase its market share after the global electric vehicle (EV) leader suffered a setback because of a run-in with mainland regulators and consumers, analysts said.
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“Some Chinese drivers who want to own a premium smart EV are looking at the indigenous brands amid a series of news reports about Tesla’s quality and safety,” said Eric Han, a senior manager with Shanghai-based business advisory firm Suolei. “NIO and Xpeng are also expected to gain a bigger market share.”
In the first quarter Li Auto, based in Changzhou in East China’s Jiangsu province, reported a 13 per cent decline in shipment volume from 14,464 units in the previous three-month period.
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