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:
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.
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.