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News EO
Jul 11, 2020
Briefing
Jul 5, 2020 · Social account
Briefing
Jul 5, 2020 · Social account

Lixiang Touts for Cost-saving Spirits

News EO
Jul 3, 2020
report
News EO
Jul 3, 2020

Tesla's Chinese Counterpart Lixiang Eyeing US IPO by August

According to people familiar with this matter, Chinese EV startup, LEADING IDEAL (aka, Lixiang), plans to list in America as soon as July. The target amount of funds raised has not yet been determined. “But judging by the current situation, the goal is more likely to be realized in August,” confirmed several investment practitioners. The company refuses to make a public statement on the story. Encouraged by previous well-preformed EV stocks, Tesla and NIO, which gained a steady growth in both sales and share price, the market is quite confident that Lixiang would share the same buoyancy. The company's one and only EV model, Lixiang ONE, has sold more than 10,000 units in the past six months, which also shows a positive sign. Lixiang's attempt to go public can be dated back to September 2019 when the company was valued at USD 500 million. A week ago, the EV startup nabbed USD 550 million from Meituan, among other investors, which saw the company's valuation reach USD 4.05 billion – an increase of USD 3.55 billion in less than a year. If things go well, Lixiang will be the second Chinese EV ‘emerging force’ to list in the US after NIO, whose stock price hit a high of USD 7.99 yesterday. The fate of Chinese  EV startups came to a life-or-death situation entering 2020. While the top four players, NIO, Xpeng, Lixiang and WM Meister, have survived the shuffle, it seems the game is only getting stiffer in the second half around money raising, market expansion and the need for speed in turning a profit. Interesting times still lie ahead in 2020.

Briefing
Jun 30, 2020 · Sina
Briefing
Jun 30, 2020 · Sina

Chinese EV Maker Li Xiang Reveals New Plans

News
Jun 11, 2020 · auto-stats
News
Jun 11, 2020 · auto-stats

China’s NEV Market in May

News
Jun 5, 2020 · sina.finance
News
Jun 3, 2020 · auto.qq
News
Jun 3, 2020 · auto.qq

Li Xiang's Autopilot Strategy is Exposed

News
Apr 1, 2020 · SOHU
Analysis
Mar 27, 2020 · yicai
Analysis
Mar 19, 2020 · Sina Finance
News
Mar 13, 2020 · 36Kr
Announcements
Feb 14, 2020 · Li Xiang
Announcements
Feb 14, 2020 · Li Xiang

Li Xiang ONE Spring Experience Enhancement Program

Announcement: Click here
News
Jan 3, 2020 · EO company
News EO
Jan 3, 2020
report
News EO
Jan 3, 2020

Bad timing? Yet Another EV IPO: Chinese Carmaker Lixiang Aims for USD 500 Mn

According to Reuters, Chinese electric vehicle (EV) maker Lixiang Automotive (formerly known as CHJ Automotive) has reportedly filed for a US Initial Public Offering (IPO), aiming to raise at least USD 500 million. The listing news comes several hours after Tesla announced that it is going to cut the starting price for its China-made Model 3 by 16% to CNY 299,050 (USD 42,919), which adds a severe pressure to China’s EV market. The brand that will feel this will be NIO, which is the only startup that produces cars priced in the same range as Tesla in China, as explained in a previous article. It is rather apparent that Tesla is going to cut into the largest EV market in the world quickly, ramping up its Shanghai Gigafactory production capacity to take advantage of the orders flooding in, boosted by compelling price cuts. “Tesla can cut its Model 3 price to a low of around CNY 250,000 (USD 35,000) based on our breakdown of the car production and delivery cost. In that case, Tesla will make a major incursion against traditional Internal Combustion Engine (ICE) carmakers, not even mention young EV startups,” an analyst from Changjiang Securities commented. In China, these young EV companies include NIO, Xpeng Motors, WM Motor and Lixiang, referred to sometimes as 'new forces (造车新势力).' Among them, NIO has adopted the model of contract manufacturing with Jianghuai Auto while Lixiang has obtained its EV manufacturing license by the acquisition of a traditional car marker Chongqing Lifan Auto. On the other hand, compared with NIO’s focus on purely battery-adriven cars, Lixiang has launched its range-extended electric Ideal One model, the first car model of the company. Lixiang started mass production of Ideal One in November 2018. The sport utility vehicle (SUV) is priced from CNY 328,000 (USD 45,900) apiece after subsidies, slightly lower than NIO ES6’s starting price but higher than Xpeng and WM Motor's models (all prices are after subsidies). Lixiang needs to think about how to deal with Tesla’s market campaign and how to compete with NIO, which is gaining experience and reining in losses in this cash-burning game of manufacturing cars as a startup. Finding fresh capital in the secondary market is not an easy bet. 40% of NIO’s valuation has evaporated since its debut, and its top priority is finding a convincing answer about future profitability to avoid a stock sell-off in the next quarters.

Analysis
Dec 20, 2019 · EO company
Analysis
Dec 20, 2019 · EO company

Li Xiang car's marathon

News EO
Nov 21, 2019
report
News EO
Nov 21, 2019

Lixiang Auto to Start Mass Delivery of ONE 2020 in Early December

Chinese electric vehicle manufacturer Lixiang Automotive, formerly known as CHJ, has announced that its EV project 'Lixiang ONE 2020' is officially mass-produced at the Changzhou factory and will start mass delivery in early December. After closing Series C round of funding on August 16 led by Meituan's founder Wang Xing, Lixiang Automotive has raised more than USD 1.18 billion in total financings, boosting its valuation to USD 2.93 billion. This figure has surpassed the market capitalization of NIO (USD 1.93Billion as of Nov 21, 2019), a New York Stock Exchange-listed Chinese EV manufacturer. In September, Lixiang was said to launch IPO filing already and should be able to go public in the U.S. as early as next year at a valuation of USD 500 million.  The main feature of Lixiang is to produce an EV without 'Range Anxiety'. This goal will be achieved by the extended-range electric vehicle (E-REV) which is effectively an all-electric vehicle, with all the motive power provided by an electric motor, but with a small ICE present to generate additional electric power. Apparently, the storm of competition is coming, and the phase-out of Chinese government subsidies on EVs is not stoping the startups' steps. The premium segment dominators BBA have launched their new EV products recently. On November 8th, Mercedes-Benz EQC has taken the lead, with a guide price of CNY 579,800-62,280, and Audi e-tron has also listed on November 18.  On the other hand, along with the mass production and delivery of EVs, tighter competition in this gold rush will push the industry to upgrade and accelerate the technology breakthrough, which will bring more to the burgeon of the market.

News EO
Sep 10, 2019
report
News EO
Sep 10, 2019

Lixiang Plans IPO at Value of USD 500 Million in U.S.

Electric vehicle manufacturer Lixiang was said to launch IPO filing already and should be able to go public in the U.S. as early as next year at a valuation of USD 500 million. Lixiang, formerly known as CHJ Automotive and founded in 2015, is a Beijing-based electric startup that plans to disrupt the transportation and auto industries through complete vertical integration. It offers mobility services based on a few models of electric vehicles: it provides a smart car for intra-city trips and a large electric sport utility vehicle for long-haul inter-city journeys. It also operates car rental and ride-hailing services. Lixiang embarked on overseas IPO filing after it completed its Series C round of funding on August 16, propelling its valuation to USD 2.93 billion. The deal was led by Wang Xing (王兴), founder and CEO of O2O lifestyle service platform Meituan-Dianping, who solely infused USD 300 million in this round. Chinese internet unicorn ByteDance followed suit with USD 30 million cash injected into Lixiang. Existing shareholders Matrix Partners China, Bluerun Ventures and Future Capital continued to participate in fundraising. The EV maker's founder Lixiang also poured USD 100 million into his company. On August 17, Lixiang’s second-largest shareholder LEO Group, behind the founder Lixiang, disclosed in its statement that Lixiang would set up a VIE (Variable Interest Entity) structure and conduct corporate restructuring accordingly. All shareholders would indirectly hold Lixiang’s equity through possessing shares of Leading Ideal Inc. that is registered in Cayman. Like most U.S. listed Chinese companies, the actual to-be-listed company of Lixiang is a Cayman Island corporation. Due to corporate restructuring, a state-owned shareholder transferred all its stakes (0.91%) in the company at a price of USD 1.17 million. The latest valuation of Lixiang after funding surged close to the market capitalization of NIO, a leading Chinese EV maker who is valued at approximately USD 3.2 billion. Ever since being listed on NYSE, NIO has been hit by several stock slumps, which saw almost 70% pared off its share value in the three months. As of September 10, NIO’s share price declined to USD 3.14, around half of its issue price at USD 6.26 per share. According to a statement published, Lixiang realized revenues of USD 24 million in 2018, with losses of USD 101 million. Over the course of first half of this year, revenues reached USD 743 thousand while losses exceeded USD 89 million. Up to June 30, total assets of the company were valued at USD 822 million with USD 131-million debts on book. The EV maker released its first EV model in October last year. It is expected that the model will reach mass production in October and begin delivery in November.

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