Shares of Chinese electric vehicle maker Li Auto (LI) climbed after the company announced it would begin mass-producing its first all-electric model in February 2024. The vehicle has already received 10,000 pre-orders in China. The automaker aims to calm anxiety around EV charging range, with the new vehicle including a 310-mile targeted range possible on just a 12-minute fast charge. The car will initially roll out only in the Chinese market, remaining unavailable in the U.S. and Europe for now.
Yahoo Finance's Akiko Fujita and Rachelle Akuffo break down the details.
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Video Transcript
RACHELLE AKUFFO: We're taking a look at shares of Li Auto Inc. The Chinese automaker says it will begin mass production and delivery of its first fully electric car in February. The new vehicle, which received more than 10,000 orders by noon, boasts a range of 310 miles, get this, on a single 12-minute charge as Li Auto aims to combat range anxiety for EV users.
Now Li Auto is also said to join Hong Kong's Hang Seng exchange effective December 4. I mean, a lot of people looking at some of these-- this is a multi-person vehicle here. Not available, of course, in the US or in the EU at the moment.
But you're looking at a price, like, of $83,000. So you're getting that sort of-- that range anxiety handle. But the price tag. $83,000 here, Akiko.
AKIKO FUJITA: When you think about just how competitive it already is in the Chinese EV market-- you add another car into the mix as well. Rachelle, the thing that gets me is 12-minute charge. I mean, forget the 310 miles, because there are cars out there that have that range. The 12-minute charge has got to be the most appealing.
RACHELLE AKUFFO: Yeah. You figure that's got to be the game-changer because-- exactly. Fingers crossed at some point, because I believe BYD might be the first one to bring a Chinese EV to the US.
They're at least planning to in 2025. So we'll see. But that 12-minute charge, a game-changer.
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November 18, 2023 at 01:06AM
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