Startup Li Auto is beating Tesla China's EV sales
Publishing timestamp: 2023-11-09 21:05:13
Summary
Li Auto, a Chinese startup, sold more cars than Tesla's China business in October. Li Auto's vehicles are all SUVs and come with a fuel tank for charging the battery, which helps ease consumers' concerns about driving range. Li Auto plans to introduce its first battery-only model in 2024 and has three more battery-only vehicles planned for launch in the second half of next year. Li Auto's cars currently sell for a higher price range compared to Tesla's Model 3 and Model Y. It is uncertain if Li Auto will continue to outsell Tesla in the future. Tesla reported its first miss on earnings and revenue in the third quarter and expressed concerns about high interest rates impacting car purchases. Li Auto reported third-quarter earnings and revenue above estimates and is focusing on expanding its research and development team for autonomous driving.
Sentiment: NEUTRAL
Keywords: tesla inc, autos, stock markets, breaking news: technology, markets, business news, li auto inc, market insider, technology,
Source: https://www.cnbc.com/2023/11/10/startup-li-auto-is-beating-tesla-chinas-ev-sales.html