Recently, stocks related to new energy vehicles have rebounded strongly, first with the emergence of 'BYD,' followed by Nio $LI AUTO-W (02015.HK)$ quietly doubling.
I personally held a bias against Li Auto for a long time, thinking it was the least technologically advanced among the new energy vehicle makers like Nio and Xpeng, carrying the name of a new force in car manufacturing but in reality being a gas guzzler. However, this morning I took a close look at the delivery and sales data of the Li ONE, as well as its new models, and found the company quite interesting.
1.Master of positioning
Perfectly tapped into the preferences of Chinese consumers,who love SUVsandand have a demand for large cars,with just one model, the Li ONE, dominating the market. Looking back, I realize my bias was misplaced, but if something exists, there's a reason for it. Sales are king. Since the end of 2019, the Li ONE has delivered a cumulative total of 171,000 units, with a peak monthly sales volume of 14,000 units. Relying on just the Li ONE, they achieved nearly 10,000 units in monthly sales. After checking out their new model, the Li L9, priced at 450,000 yuan, it feels really appealing. As long as deliveries can keep up, it seems they have great potential.
2.Gross margin improvement
In 2021, the vehicle gross margin of Li Auto was20.6%, while the vehicle gross margin in 2020 was16.4%, although compared with the global leaderTesla, including logistics and labor costs, has a gross margin exceeding 30%There is still a gap from the 30% gross margin, but due to selling only one model, there are advantages in improving the gross margin. Previously, I read news stating that Tesla's Model 3 and Y would share 75% of their components, ...