Electric cars Chinese automaker Lee Auto is ramping up production with the introduction of new models, aiming for 2024. China It has to overtake BMW, Mercedes-Benz and Audi within the range.
“We will strive to become the number one premium car brand within China in terms of (vehicle) sales in 2024,” Li Auto CEO Li Xiang told investors on Tuesday night, according to Reuters.
Li Xiang said his company, founded in 2015, will launch its first battery-electric model vehicle ‘Mega’ later this year, which is expected to sell for more than 500,000 yuan, about 69,000 US dollars, in China. It will be the best-selling model among all the cars of the price.
He said that the company will launch four new models including three electric vehicles next year.
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Following Tesla’s policy in January this year regarding the trend of competition in vehicle prices, many Chinese companies saw a decline in sales.
But Li Auto was able to gain market share in the category of vehicles priced above 300,000 yuan, and this year it introduced four hybrid vehicles to meet the needs of its customers and increase profits.
The company posted its third consecutive year of positive net income in the second quarter, which saw a 147 percent increase over the first quarter’s net income.
The company sold more than 173,000 cars in the first seven months of this year, which is 145% more than last year.
According to data from the China Association of Automobile Manufacturers, monthly sales of BMW, Mercedes-Benz and Audi in the first half were between 31,500 and 70,000, respectively. These companies are selling their vehicles through deals in China at discounted prices.
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Xiang Li
**Interview with Li Auto CEO Li Xiang**
**Interviewer:** Thank you for joining us today, Mr. Li. Exciting times for Li Auto! Could you tell us more about your ambitious goal to become the number one premium car brand in China by 2024?
**Li Xiang:** Thank you for having me. Our goal reflects our confidence in our innovation and the growing demand for high-quality electric vehicles in China. We are continuously improving our production capacity and expanding our model lineup to meet consumers’ expectations.
**Interviewer:** You recently introduced the Li Auto L9. What sets this model apart from your competitors, particularly in the premium segment?
**Li Xiang:** The Li Auto L9 embodies elegance and innovation. It features spacious interiors and versatile storage, prioritizing comfort and convenience for families. We believe that these attributes, combined with our cutting-edge technology, provide a unique value proposition that appeals to discerning customers.
**Interviewer:** You mentioned the upcoming launch of your first battery-electric model, the ’Mega.’ What can customers expect from this model, and why should they choose it over other alternatives?
**Li Xiang:** The ‘Mega’ is designed to be a game-changer in the market. Priced above 500,000 yuan, it will offer not just luxury but advanced technology and superior performance. We are confident it will become the best-selling model in its price range due to its compelling features and design.
**Interviewer:** With established players like BMW, Mercedes-Benz, and Audi in the Chinese market, what strategies will you employ to surpass them in sales?
**Li Xiang:** We are focusing on our unique selling points: affordability, innovative technology, and customer-centric design. We are committed to delivering products that meet the specific needs of Chinese consumers while also enhancing our marketing strategies and after-sales service.
**Interviewer:** what excites you the most about the future of electric vehicles, particularly for Li Auto?
**Li Xiang:** The future is incredibly promising. As technology evolves, we have the opportunity to redefine the driving experience with smarter, sustainable vehicles. We are excited to be at the forefront of this transformation, contributing to a greener future.
**Interviewer:** Thank you, Mr. Li, for sharing your insights. We look forward to seeing Li Auto’s growth in the coming years!
**Li Xiang:** Thank you! We’re excited for what’s ahead as well.
