Recently, Li Auto released the latest delivery report. Data show that it delivered a total of 13,024 units of the and ideal ONE in June, a year-on-year increase of 68.9%; the model's delivery volume in the first half of the year totaled 60,403 units, an increase of 100.3% from 30,154 units in the same period last year, reaching about 30% of this year's target of 200,000 units.
Although the first half of the year was affected by the epidemic and the supply chain, Li Auto previously lowered its expectations for second quarter performance (21,000-24,000 units) in its first quarter report. However, judging from the actual situation, the performance has not been affected - its performance has not been affected. Total deliveries increased 63.2% year-on-year to 28,687 vehicles.
As of now, Li Auto has two products on sale. In addition to the Li Auto ONE, which was launched in 2019, the new model Li Auto L9 was launched on June 21 this year, focusing on the family SUV market. Public information shows that the Lili L9 is positioned as a full-size large-range extended-range SUV, priced starting from 459,800 yuan, and is expected to be delivered in August.
"Ideal L9's production capacity will ramp up very quickly, and we are confident that we will achieve over 10,000 deliveries in September." Li Xiang, Li Xiang, CEO of Li Auto, said. Although at the delivery level, this self-rated "best family flagship SUV under 5 million" is given extremely high expectations, it needs to be pointed out that the L9's relatively expensive price and niche positioning may limit its market share. Performance creates uncertainty.
At the same time, with the entry of BYD , Changan Automobile ( Avita , Deep Blue), etc., Li Auto, which focuses on extended-range models, will undoubtedly come under greater pressure. Judging from the overall performance of the new energy vehicle market and the policy environment, range extension is not the focus of industry transformation.
According to data from the Ministry of Industry and Information Technology, the production and sales of new energy vehicles from January to May this year were 2.071 million and 2.003 million respectively. Among them, the production and sales of pure electric vehicles were 1.642 million and 1.586 million respectively, accounting for nearly 80% of the total. The rest were mainly It is a plug-in hybrid (including extended range). On the other hand, extended-range electric vehicles have been excluded from the category of new energy vehicles by Beijing, Shanghai and many other places and do not enjoy relevant dividends.
Of course, Li Auto does have plans for pure electric vehicles - it is expected to launch two ultra-fast charging pure electric models on high-voltage platforms in 2023. In this regard, Li Auto is increasing investment in research and development and accelerating related technical work in assisted driving technology, ultra-high voltage platforms, super fast charging and other aspects.
The actions of the capital market support this. Li Auto recently announced that it plans to issue an additional ADS to raise US$2 billion. The net proceeds from the issuance will mainly be used to research next-generation electric vehicle technologies, including BEV, smart cockpit and autonomous driving technology, develop future platforms and manufacture car models. , as well as meeting working capital needs and general corporate purposes.
However, this behavior also makes the outside world quite confused. In April this year, Li Auto was included in the pre-delisting list by the U.S. Securities and Exchange Commission (SEC) and was required to submit relevant documents that meet the requirements within three years, otherwise it will face the risk of being delisted as early as early 2024. According to the previous quarter's financial report data, Li Auto still holds 51.19 billion yuan in cash reserves despite continuing losses, and there is no sign of shortage of funds.
In fact, in the increasingly competitive new energy vehicle market, "how to live a better self" is still the main problem faced by new car-making forces such as Li Auto. Although the arrival of the new model Li Auto L9 has broadened Li Auto's product matrix and broken the shackles of a single product in the past, it is obvious that this model, which is trying to compete with BBA for a share of the SUV market of more than 300,000 yuan, can provide sales support for the brand in the second half of the year. That remains to be seen.
