Chinese electric vehicle (EV) manufacturer Li Auto is scheduled to list its shares on Hong Kong’s Hang Seng Index in December to boost its funding options to compete in China’s fast expanding zero emissions vehicle market.
The listing is scheduled to take place on 4 December which, along with WuXi AppTec, will increase the new number of listings on the index from 80 to 82. Li Auto’s shares listed on the US Nasdaq, which it joined in 2020, rose by almost 5% to US$40 on confirmation of the listing.
Beijing based Li Auto is one of the more successful Chinese BEV startups and is often described as Tesla’s closest rival. The company reported sales of 244,225 units in the first nine months of 2023 after third quarter sales quadrupled year on year to 105,108 units.
Last week, the company unveiled a new premium battery powered seven-seater MPV, the Mega, priced at CNY600,000 (US$83,000), with deliveries scheduled to begin in February.
Li Auto vice-president Liu Jie said at the recent Guangzhou Auto Show: “We aimed to create a ‘mobile home’ for household use. The Mega vehicle will become a benchmark for the country’s MPV segment in terms of driving experience and comfort.”