Chinese EV startup Li Auto unveiled its all-electric roadmap at the Shanghai Auto Show Tuesday, catching up with startup peers Nio and XPeng. LI stock broke out Monday ahead of the event. But China EV stocks dipped broadly Tuesday, on day one of the auto show.
A new 800-volt fast-charging system will enable Li's first all-electric vehicles to get 400 kilometers (roughly 250 miles) of range on a 10-minute charge, the company said in a news release. The all-electric vehicles, also known as battery electric vehicles or BEVs, will use CATL's advanced new "Qilin" battery, among the first BEVs to do so, it added.
The release did not offer details on pricing or delivery date.
By 2025, Li's product lineup will include one "super flagship model," five hybrid-electric vehicles, and five BEVs, the release said.
Thus far, Li has specialized in a type of hybrid EV, which uses a gasoline-driven internal combustion engine to charge the battery. It calls these vehicles (including its current models on sale, the L7, L8 and L9) "EREVs," for extended range EVs. They have proved very successful in China, where demand for charging stations outstrips supply, especially in less urban areas.
Moving forward, Li Auto said it plans a "dual-energy strategy," meaning it will keep making EREVs while shifting to BEVs. The company also expects to accelerate on autonomous driving. In contrast, its startup peers Nio and XPeng focus only on BEVs.
The maker of premium EVs recently touted a nearly 20% market share in the RMB 300,000 (roughly $44,000) to RMB 500,000 SUV market. It has been outselling startup peers Nio and XPeng.
All three startups are emerging rivals to Tesla and BYD in China, the world's biggest auto market.
LI Stock, China EV Stocks
Shares of Li Auto fell 2.45% to 25.49 on the stock market today. LI stock jumped 6.4% Monday, clearing a 25.46 buy point from a double-bottom base, the MarketSmith chart shows. The buy range goes to 26.73.
Li Auto stock plunged for most of 2022, but has staged a comeback this year. It gave a an upbeat delivery and revenue outlook for the March quarter, and has more recently teased its plans for BEVs at the Shanghai Auto Show.
Its forthcoming BEVs are expected to be priced around RMB 200,000 (roughly $29,000)-RMB 500,000.
Among other China EV startups, Nio stock fell 3.7% whil3 XPeng lost 1.3%. Nio jumped nearly 7% Monday, while XPEV leapt more than 13% to 11.20. Shares of Chinese EV giant BYD edged up 0.2%. after Tuesday gaining almost 3% Monday.
Nio and XPeng unveiled new EVs at the Shanghai Auto Show Tuesday. The event runs through April 27. BYD also has big plans for the auto show.
On Tuesday, Xpeng revealed the G6, its fifth production model and a midsize electric crossover. Xpeng's G6 will be its first new model to use a new EV architecture.
XPEV stock rocketed Monday after the startup unveiled its next-generation, lower-cost EV architecture.
The G6 is expected to compete against the Tesla Model Y.
