Li Auto won't launch all-electric models until the 400KW fast-charging technology matures, the Chinese EV maker's CEO Li Xiang said on its third-quarter earnings call, adding that its extended-range technology has a 5-10 year advantage in large SUVs and MPVs.
Li said that the 400KW fast-charging technology needs to be supported by three key technologies: a voltage platform of more than 800V, a national standard for 500Ah super-fast charging and a battery with a charge multiplier of more than 4C.
As planned, Li Auto will launch a full-size, extended-range large SUV in 2022.
The Li ONE went on sale in October 2019 and this SUV is currently the only model in Li Auto's portfolio.
The Li ONE delivered 3,692 units in October, setting a new monthly delivery record for the third month in a row and once again surpassing the all-time single-month high. As of the end of October, Li ONE has delivered 21,652 units.
The company's third-quarter earnings showed it delivered 8,660 vehicles in the third quarter and expects to deliver between 11,000-12,000 vehicles in the fourth quarter, up 27%-38.6% from the previous quarter.
Vehicle sales were RMB 2.46 billion (US$363.0 million) in the third quarter, representing an increase of 28.4% from RMB 1.92 billion in the second quarter of 2020.
Its vehicle margin went up to 19.8% in the third quarter, compared with 13.7% in the second quarter of 2020.
Li Auto posted third-quarter revenue of RMB 2.511 billion, which was well above the market's expectations of RMB 1.925 billion. The company reported a net loss of RMB 107 million for the third quarter, which was below market expectations of a loss of RMB 502 million.
The company posted a non-GAAP net income of RMB 16.0 million (US$2.4 million) in the third quarter, compared with RMB 159.2 million Non-GAAP net loss3 in the second quarter of 2020, marking the first time it turned profitable.