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LI Auto raises $2B to start producing pure EV models, work on Autonomous Driving

Written by Cláudio Afonso | | LinkedIn | Twitter

The automaker Li Auto announced earlier this week that has filed a prospectus supplement to sell up to an aggregate of $2B of American depositary shares through an at-the-market equity offering program. Li Auto added that the net proceeds from the ATM Offering will be used in 3 main areas:

  • Research and development of next-generation EV technologies including BEVs, smart cabin, and autonomous driving;
  • Development and manufacture of future platforms and car models;
  • Working capital needs and general corporate purposes.

“It [Li Auto] concentrates its in-house development efforts on its proprietary range extension system, next-generation electric vehicle technology, and smart vehicle solutions while expanding its product line by developing new BEVs and EREVs to target a broader user base,” the company describes.

Initially scheduled to launch on April 16, the second model of LI Auto was released on June 21 and needed only 72 hours to reach over 30,000 orders, as the company announced on Friday. Last Sunday, via its official app, LI unveiled that will commence the test drives for its SUV model on July 16.

Written by Cláudio Afonso | | LinkedIn | Twitter