Li Auto, a player in China's electric vehicle (EV) market, has reported another impressive month of deliveries, setting a new record for the company. However, the growth rate has slightly slowed down due to ongoing capacity bottlenecks.
According to data released by the company today, Li Auto successfully delivered 34,914 vehicles in the month of August. This figure represents a 2.29 percent increase compared to July and a staggering 663.82 percent surge year-on-year.
Li Auto's current lineup includes the Li L7, a five-seat model, and the Li L8 and Li L9, both six-seat extended-range electric vehicles (EREVs), essentially functioning as plug-in hybrids. In August, all of these models surpassed the 10,000-unit delivery mark.
For the first eight months of the year, Li Auto has now delivered a total of 208,165 units, marking a remarkable 176.10 percent year-on-year increase. Since its inception, the company has amassed a cumulative delivery count of 465,499 units.
Notably, in the January to August period, Li Auto's market share in China for new energy vehicles (NEVs) priced at RMB 300,000 ($41,330) and above exceeded an impressive 30 percent. Additionally, since April of this year, Li Auto has consistently held the top position as the best-selling premium internal combustion engine and new energy SUV manufacturer in China for five consecutive months.
However, the company is not without its challenges. Li Auto is currently grappling with capacity bottlenecks that have been impacting its delivery numbers. The company's founder, chairman, and CEO, Li Xiang, has stated that these bottlenecks are expected to be resolved by October. A significant step in addressing this issue involves upgrading the company's factory in Changzhou, Jiangsu province, during the Chinese National Day holiday to facilitate production expansion.
Looking ahead, Li Auto has ambitious plans. The company is set to officially launch its first battery electric vehicle (BEV) model, the Li Mega, in December. Show cars of the Li Mega are scheduled to be available in stores in January of the following year, with deliveries expected to commence in February. This announcement was made at the Chengdu auto show held late last month, underlining Li Auto's determination to remain a major contender in the rapidly evolving Chinese EV market.