Chinese EV Daily: Li Auto Q2 Net Loss Narrowed, Seeks to Launch First Electric SUV in 2022; NIO Builds Charging Route for Qinghai-Tibetan Area
*Lotus Motors owned by Geely has completed a round of financing; The maximum replacement subsidy for the purchase of new EVs in Hubei Province is RMB 5,000; GAC Group will promote the mixed reform of GAC Aion; Under the challenge of cash flow, the mass production of Evergrande’s new energy vehicles may be delayed.*
[original text](https://www.westmoney10.com/zh/stocknewsdetail?id=882208877393874944&color=redditgroup1)
**Industry News:**
According to news on August 30, from September 1 to the end of this year, Hubei province will carry out a passenger car trade-in activity. Buying EV passenger car after writing off original passenger car with a subsidy of RMB 5,000/vehicle. Transferring old passenger cars to others and purchase new energy passenger cars with a subsidy fund of RMB 3,000/vehicle.
**Li Auto Q2 net loss is RMB 235.5 million, a decrease of 34.6% from the previous quarter:**
On the evening of August 30, Li Auto announced the 2021 interim report, showing that its total revenue was RMB 8.614 billion, an increase of 207.8% YoY, and a net loss of RMB 595 million, an increase of 291.0% YoY. Among them, the total revenue in the second quarter of 2021 was RMB 5.04 billion, an increase of 40.9% YoY; the net loss was RMB 236 million.
SEE ALSO:[Li Auto Q2 Revenues Jump to RMB 5.04 billion, Above Expectations](https://www.westmoney10.com/zh/stocknewsdetail?id=881951445971243008&color=redditgroup1)
Li Auto currently has only one extended-range model, Li ONE. In May of this year, the 2021 Li ONE with a standard feature of the assisted driving system was launched, priced at RMB 338,000, and delivery began in June. In the first half of this year, the total delivery volume of Li ONE reached 30,154, a YoY increase of 217%.
In July, Li Auto made great progress in sales. The deliveries of Li ONE reached 8,589 that month, an increase of 251.3% from the previous month. This data ranks first among the three EV makers—NIO, Xpeng, and Li Auto.
During the same period, the total delivery of Xpeng Motors was 8,040, and NIO was 7,931. According to new car insurance registration data, Li ONE ranked first in the sales of medium and large SUV models and new energy SUV models in July.
According to the plan, Li Auto will launch the first product on the X platform in 2022—a full-size luxury extended-range electric SUV, and launch two other SUVs on the X platform in 2023.
In addition, Li Auto is also developing Blade Electric Vehicles technology, including two platforms developed for HPC Blade Electric Vehicles—Whale and Shark. Beginning in 2023, Li Auto will launch at least two models with HPC blade electric technology each year.
“Our product will cover between RMB 200,000 to RMB 500,000. That’s not to say we are going to reduce the price of some of our products. We are going to design different products to cover different price points.” said the president of NIO, Kevin Shen.
**Company Updates:**
1. On August 30, **NIO** successfully opened up China’s **first Qinghai-Tibet charging route**. The route starts from Xining in the east and ends in Lhasa in the west.
There are 15 stations in the whole course, including 1 second-generation switching station, 7 overcharging stations, and 7 destination charging stations, covering a range of more than 2,400 kilometers. Achieve an average energy supplement point every 170 kilometers.
The number of NIO replacement stations nationwide has reached 400. The official previously promised that in the next quarter, NIO will open more than 200 power stations to the outside, and the cumulative number of power stations in operation will exceed 500.
By 2025, NIO will achieve the deployment of over 4,000 exchange stations worldwide.
2. On August 30, \*\*Geely Automobile’\*\*s board of directors approved a share award plan with a total of 350 million shares and granted 167 million shares to the first batch of more than 10,000 employees according to the plan.
In addition, according to people familiar with the matter, The British sports car manufacturer Lotus Motors owned by Geely has completed a round of financing, and the company is valued at RMB 15 billion (approximately US$2.3 billion). The source said that NIO Capital, the investment arm of NIO, participated in this round of financing.
Lotus Motors plans to announce new investors as early as Tuesday at the groundbreaking ceremony of Wuhan Lotus Technology’s global headquarters. Geely acquired part of the shares of the Lotus Group in 2017 and currently owns 51% of the shares of the group.
3. On August 30, **Guangzhou Automobile Group** released an interim report showing that its revenue was RMB 34.318 billion, a YoY increase of 34.90%; net profit was RMB 4.337 billion, a YoY increase of 87.07%.
In addition, the company intends to promote the mixed-ownership reform of its wholly-owned subsidiary Guangzhou Automobile Aion and the introduction of strategic investors.
GAC group expects that the global shortage of automotive chip supply will continue in the second half of the year.
4. On August 30, China Evergrande New Energy Vehicle announced on the Hong Kong Stock Exchange that the revenue for the first half of the year was RMB 6.92 billion, a YoY increase of 53.5%; the net loss was RMB 4.79 billion, and a loss of RMB 2.27 billion in the same period last year.
In addition, the company said that the mass production of its Hengchi car is entering the final sprint stage, but it still faces cash flow challenges. If there is a lack of further capital investment in the short term, the timetable for mass production of new energy vehicles may need to be postponed.
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