Chinese EV Player Li Auto Files for Nasdaq IPO
If it goes through, the company will be the second Chinese EV 'emerging force' to list in the US.
Meituan and ByteDance-backed Chinese EV 'emerging force' Li Auto filed for an IPO on Nasdaq under the ticker LI, hoping to raise up to USD 100 million. But according to Chinese media, the number will be further modified.
Li Auto, along with Nio, Xpeng, and WM Motor, is one of the leading EV companies in China. Once Li Auto goes public on Nasdaq, it will be the second Chinese smart EV firm traded in the US market after Nio.
According to the prospectus, the company didn't begin to generate revenue until 2019. In that year, the company earned a total of USD 284 million, and USD 120 million in the first quarter of 2020. However, like its other Chinese peers, Li Auto hasn't begun to profit. The prospectus shows that the company saw a net loss from 2018 to the first quarter of 2020 of USD 219 million, USD 344 million and USD 10.9 million, respectively. The loss in Q1 2020 showed a significant decrease of 368% YoY.
Founded in 2015, the company focuses on smart electric SUVs. Its first and only model Li Auto ONE rolled off the production line in November 2019 and had delivered over 10,400 units as of H1 2020. The company plans to launch a premium electric SUV in 2022, which will be equipped with a next-generation supercharged powertrain. In the future, in order to target a wider consumer base, the company will expand its product range by developing new models, including midsize and small SUVs.