In the last decade, sales of electric cars around the world have surged. The number of vehicles on the road doubled in 2021 to a new record of 6.6 million, with more now sold each week than in the whole of 2012. Despite strains along global supply chains, sales have kept rising strongly in 2022, with two million EVs sold worldwide in the first quarter alone.
In China, the growth was even more pronounced as sales nearly tripled in 2021 to 3.3 million, accounting for about half of the global total. The unprecedented adoption indicates that customers are increasingly looking to combat record-high fuel prices that have plagued budgets this year.
Driving a charge to secure a lucrative chunk of China’s New Energy Vehicle (NEV) market is the emerging brand, Li Auto. Specializing in premium smart EVs, the company is pioneering the commercialization of extended-range electric vehicles (EREVs). The company’s first model, the Li ONE, is a large premium SUV equipped with a range extension system and advanced smart vehicle solutions. With volume production beginning in November 2019, it has gone on to deliver over 124,000 Li ONEs by the end of 2021.
As one of the most competitive SUV models in China, it has been well positioned to capture the huge growth opportunity of the SUV segment; offering users the performance, functionality, and cabin space of a large premium smart SUV, while being priced closer to compact alternatives.
Riding the local and global industry momentum, the company is delivering record sales while forecasting for the growth to continue. Its ambitious targets include being the number one smart electric vehicle maker in China, seeking to obtain a 20% market share with sales in excess of 1.6 million units by 2025.