Chinese electric vehicle (EV) maker Li Auto Inc. has filed for a US initial public offering of up to $100 million, seeking to list its stock on the Nasdaq under the symbol LI. Underwriters include Goldman Sachs, Morgan Stanley, UBS and China International Capital Corporation.
Li Auto said in the early Friday filing it lost 77 million yuan in the first quarter of 2020 compared with a loss of 243.8 million yuan in same period last year. First-quarter revenue rose to 852 million yuan ($121.66 million) from 284 million yuan a year ago.
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Founded in 2015, Li Auto is said to be the first to successfully commercialize extended-range electric vehicles in China. It aims to operate 60 showrooms in China by the end of this year.
Li Auto’s Li ONE model, a six-seat, large premium electric SUV went into volume production in November 2019 and has delivered 10,400 units as of June 30. Unlike Tesla’s pure battery electric vehicles, Li ONE allows drivers to power cars with electricity or gasoline.
As early as the beginning of this year, Li Auto had started its IPO process. Reuters reported in January that Li Auto was expected to launch its US IPO in the first half of the year. But the COVID-19 outbreak significantly delayed the delivery of Li Auto One in the first quarter, which has also slowed down the IPO process.
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