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According to the China Passenger Car Association, Chinese startup Li Auto sold more cars in October than Tesla’s Chinese operations in October.
Nurfoto | Getty Images
BEIJING – Chinese startup Li Auto sold more cars then Tesla’According to the China Passenger Car Association, Chinese operations did so in October.
The startup sold a record 40,422 cars in October, far more than Tesla with 28,626, association data showed on Thursday.
Li Auto also forecast that it would continue to deliver cars at a similar pace in the fourth quarter: between 41,700 and 42,600 vehicles per month.
Unlike Tesla’s battery-only models, Li Auto’s vehicles (all SUVs) come with a fuel tank to charge the battery. That helps alleviate consumer concerns about driving range.
Li Auto plans to start delivering its first battery-only model, the MEGA multi-function car, in February 2024. The company said it plans three more battery-only vehicles in the second half of next year.
Li Auto’s cars currently sell for between 319,800 yuan ($43,910) and 459,800 yuan. The Model 3 and Model Y start at lower prices, 259,900 yuan and 263,900 yuan respectively.
It is unclear whether Li Auto will continue to sell more cars than Tesla in the future. In September, Tesla sold 43,507 cars, while Li Auto sold 36,060, according to data from the China Passenger Car Association.
Li Auto vs. Tesla
Li Auto on Thursday reported third-quarter earnings and revenue that topped FactSet estimates.
Unlike many local peers, the company has no immediate expansion plans overseas.
However, the startup is looking at driver assistance technology as a way to compete in China’s electric car market.
The company plans to more than double the size of its autonomous driving research and development team, from about 900 people to more than 2,500 by the end of 2025, President Donghui Ma said during an earnings call Thursday, according to a FactSet transcript.
