Li Auto aims to raise $1.9 billion by adding an HKEX listing. Unlike peers Nio and Xpeng, Li sells hybrid models. It’s a wager on a slower energy transition in China that could bring profitability before rivals: KatrinaHamlin
, Li sells hybrid models powered by both batteries and fossil fuel. An assumption that China’s energy transition needs more time could pay off for shareholders and founder Li Xiang.
But Li’s focus on so-called extended-range electric passenger vehicles has helped it edge ahead in the race to profitability: Its 2020 net loss attributable to ordinary shareholders was $121 million, compared to more than $800 million at both Nio and Xpeng. In the fourth quarter, it managed a modest net profit of $17 million. So Li stands out as it launches its share sale in Hong Kong, where Xpeng has already debuted. Nio could be close behind, according to Reuters.
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