Elon Musk’s Tesla is not the only electric car in the market, although the media hype on Tesla could make one believe otherwise. Other big players are making giant strides in this industry segment and carving out their own share of the market. Notable among them are:
- NIO ( Owned by a Chinese billionaire )
- Volkswagen VWAGY
- BYD Company (backed by Warren Buffet )
- Li Auto
Meet Li Xiang, the Chinese maverick
39 years old Li Xiang is among the millennial entrepreneurs who braved the odds to get their companies trading on the Nasdaq exchange. Li Xiang is the founder of Li Auto, one of China’s foremost electric car companies.
Li Auto is his third main business startup after the previous two failed. He is an ardent fan of Elon Musk and worked closely with William Li Bin, the founder of Chinese bestselling Electric Vehicle, NIO.
Li Auto raised an initial public offering of $1.1bn in its first opening in July 2020.
Li Xiang also has another company, Autohome, a website for automobile-related sales, listed on the New York Stock Exchange.
Key features of the Li One SUV brand
Li Xiang’s Electric Vehicle Company is famous for its SUV brand, Li One. The vehicle features both a battery pack and a gas-powered engine that charges the battery on the go.
The Li One runs on an elite EREV Technology which enables it to be powered by electricity and gasoline at the same time. It solved an emerging challenge with electric vehicles today, which is the quick-burning out of the batteries.
The famous Li One goes for a starting price of $21,000 which is relatively cheaper than its rivals, giving the automobile a price advantage.
What you should know
- Li Xiang is 39 years old and currently the youngest player in the electric vehicle market.
- As of June 2020, Li Auto sold around 10,400 units of its flagship model, Li One. The firm now has an estimated fully diluted market cap of between $7.9 billion and $10 billion According To Kr Asia.
- Li Xiang started his entrepreneurial journey early. At 18 his IT website, PC POP was making $14,350 every year.
- Li Xiang is currently worth $4.5 billion according to Forbes.