Li Auto, one of China’s major extended-range electric vehicle (EREV) manufacturers, rebounded from a dip in April to achieve a new delivery high for the year in May. The company announced that it delivered 35,020 vehicles in May, marking a 35.8 percent increase from April and a 23.85 percent increase year-on-year.
While May’s deliveries represent the highest for a single month so far in 2024, they remain below the record set in December 2023, when Li Auto delivered 50,353 vehicles. The company’s cumulative deliveries since inception now stand at 774,571 vehicles.
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However, Li Auto faces challenges in reaching its 2024 delivery target. In March, the company revised its 2024 sales forecast to 560,000-640,000 vehicles, down from the original 650,000-800,000. This adjustment implies a 50 percent to 70 percent year-on-year increase, considering Li Auto delivered 376,030 vehicles in 2023.
One of Li Auto’s key models is the Li Mega MPV, its first battery electric vehicle (BEV) model, launched on March 1. Despite initial optimism from management, the model’s acceptance fell short of expectations, leading to a downward revision of full-year delivery expectations. Additionally, Li Auto announced that it would not release an all-electric SUV model this year as initially planned, with the rollout now scheduled for the first half of 2025.
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For now, Li Auto is focusing on the Li L6, a five-seat SUV launched on April 18. Priced at RMB 249,800, it is the least expensive model in Li Auto’s lineup. Since deliveries began on April 24, Li Auto has delivered more than 15,000 Li L6s, setting a record delivery pace for its newly launched models.
Li Xiang, Li Auto’s founder, chairman, and CEO, emphasized the company’s commitment to securing the supply chain and ramping up production of the Li L6 to meet demand. He also highlighted the success of the 2024 Li L7, Li L8, and Li L9 models, attributing their momentum to a new pricing strategy implemented in April.
As of May 31, Li Auto had 487 retail stores in 144 cities, 374 servicing centers, and 214 Li Auto-authorized body and paint shops. The company also operates 426 supercharging stations with 1,888 charging stalls across China.
