Li Auto Inc, one of China's up-and-coming electric vehicle (EV) producers, is looking to expand its footprint in a big way, announcing on Tuesday that it aims to add seven new cars to its lineup.
The new lineup will include five range-extended electric models, five pure electric models, and its flagship model. The vehicles will be priced at 200,000 yuan ($29,100) and up.
Ma Donghui, Li Auto's president and chief engineer, announced the new lineup at the Shanghai auto show, noting that Li Auto's current best-selling car in China - the Li One sport utility vehicle (SUV) - delivered 257,334 cars in total in 2022.
In addition to the rollout of its new fleet, Li Auto is also working on the construction of 300 high-speed charging stations across China. The stations will be installed across the Yangtze River Delta and Beijing-Tianjin-Hebei region and is expected to be completed by the end of the year.
By 2025, Li Auto aims to build over 3,000 supercharging stations across China, covering 90% of major cities and highways.
The ambitious plan is part of a larger trend among Chinese EV makers looking to capitalize on the growing demand for electric vehicles in their home market.
In addition to Li Auto's expansion plans, other Chinese EV makers such as NIO Inc., Xpeng Motors and WM Motor Technology Co Ltd have also announced plans to expand their own product lines.
WM Motor Technology Co Ltd is also planning a new lineup of cars with advanced autonomous driving features and improved battery technology for longer-range capabilities.
These moves come at a time when global automakers are increasingly turning their attention towards China's rapidly growing EV market.
Volkswagen AG recently announced that it would be investing $12 billion into its Chinese operations over the next five years. General Motors said it will launch ten all-new EVs in China by 2025 under its Cadillac brand alone.
Chinese EV makers are set to benefit from this increased competition as they continue ramping up their product offerings to capture a larger share of this rapidly expanding market segment.
With Li Auto's ambitious expansion plans now officially announced, we can expect even more exciting developments from them in the near future as they look to solidify their position among China's leading EV manufacturers.
By Michael Kern for Oilprice.com
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