Li Auto, the Chinese electric vehicle (EV) manufacturer, achieved a significant milestone as its Li L7 model recorded its highest single-day sales to date. Li Xiang, the founder, chairman, and CEO of Li Auto, took to social media platform Weibo to announce the accomplishment. He stated, “Yesterday was our first tech day, and today is also a historic moment—the first time that the Li L7 has sold more than 1,000 units on a single day with no new model launch.”
Li Auto’s achievement comes on the heels of the company’s inaugural Family Tech Day event held on June 17. During the event, Li Auto unveiled the official name of its first battery electric vehicle (BEV), the Li MEGA, and shared updates on the development of assisted driving and supercharging capabilities.
Considering that the Li L7 has a starting price of RMB 300,000 ($42,100) or more and is in a stable phase of sales, surpassing 1,000 units in a single day is a noteworthy feat, as highlighted by Li. The Li L7, the company’s first five-seat SUV, was launched on February 8 and is available in three versions with respective starting prices of RMB 319,800, RMB 339,800, and RMB 379,800.
Li Auto specializes in extended-range electric vehicles (EREVs), and its current lineup comprises the Li L7, as well as the higher-priced six-seat models, Li L8 and Li L9.
Interestingly, Li Xiang revealed that the Li L7 almost faced cancellation during its development phase. He expressed his initial inclination to discontinue the model in September last year, but he was dissuaded by other executives within the company.
Moreover, Li Auto’s management team initially proposed setting an annual sales target of 360,000 units. However, Li Xiang opted for a more conservative approach and established a budget target based on annual sales of 306,000 units. He cited concerns about the economic environment and the company’s failure to meet budget targets in previous years as factors influencing his decision.
Li Xiang acknowledged that the lower targets set by him resulted in insufficient orders placed with suppliers at the beginning of the year, leading to delays in acquiring key components to match the current sales pace. He noted that production ramp-up would require over a quarter to reach optimal capacity for these components.
Currently, Li Auto’s manufacturing facility in Changzhou, Jiangsu province operates two production lines: one for double-shift production and another for single-shift production, according to Li Xiang.
Li Auto’s remarkable sales record for the Li L7 underscores the growing popularity of its EV models in the Chinese market. With a steadfast commitment to innovation and a strong product portfolio, the company is positioning itself for further success in the competitive electric vehicle industry.
