In October, Li Auto sold more cars than those of Tesla's China business, as revealed by the China Passenger Car Association. Unlike Tesla's solely electric models, Li Auto's SUVs are powered by both a battery and fuel tank. The company even predicted that the monthly deliveries in the fourth quarter would stay at an approximate level of 41,700 to 42,600 vehicles.
China Passenger Car Association figures showed that Li Auto sold a record 40,422 vehicles in October, outselling Tesla at 28,626. Li Auto also projected that it would keep providing cars at a similar rate in the fourth quarter, ranging from 41,700 to 42,600 per month.While Tesla only offers battery-powered cars, Li Auto's SUVs have both a battery and a fuel tank, which relieves customers' worries about range. The startup announced that its first battery-only model, the MEGA multi-purpose vehicle, will be available in February 2024, with three more battery-only cars planned for launch during the second half of 2025.
The cost of Li Auto's cars range from 319,800 yuan to 459,800 yuan, or $43,910 to $63,450 in U.S. currency. The Model 3 and Model Y have a lower price tag of 259,900 and 263,900 yuan, respectively. Whether Li Auto will outsell Tesla in the future is yet to be determined. According to figures released by the China Passenger Car Association, Tesla sold 43,507 cars in September, while Li Auto made 36,060 sales.
China comprises nearly one-fifth of Tesla's sales when measured monetarily. As per a recent filing, the U.S. accounts for close to 46% of sales. Despite this, Elon Musk's leading car company recently reported a miss in earnings and revenue for the third quarter since 2019, concerning Musk about the potential effects of high interest rates on people's potential to purchase the vehicle.
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On Thursday, Li Auto posted third-quarter earnings and sales that surpassed forecasts as compiled by FactSet. The nascent firm is currently without any intent to extend its operations abroad, but is studying driver-assistance technology to break into the thriving Chinese electric car sector. During a Thursday earnings conference, President Donghui Ma communicated that the research and development group for autonomous driving is planned to be increased from the current level of 900 to a figure of more than 2,500 by the end of 2025.
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