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Chinese automobile maker Li Auto raised $1.1 billion in an IPO on Nasdaq on Thursday, valuing the five-year-old electric vehicle maker at around $10 billion. The Beijing- based company is the newest China EV producer to sign up with the American market and comes at a time when Chinese stocks are dealing with higher analysis in the U.S.
Li Auto, additionally called Lixiang, was established in 2015 by its CEO and chairman Li Xiang, for whom it’s called. The business is backed by China’s biggest customer services app, Meituan, along with Beijing Bytedance, which owns short-video app TikTo k.
Unlike most other electric vehicle makers, Li Auto concentrates on so-called prolonged variety electric cars (EREVs), which can be powered by either electrical power or gas. The hybrid engine makes up for China’s sporadic EV-charging facilities, Li Auto states, and works as a much better entrance for weaning customers off of petrol-powered vehicles. Since shipping its very first design in late 2019, the business has actually offered around 10,000 systems.
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Li emerged on the Nasdaq 2 years after …