Li Auto (LI) CEO confirms no imminent overseas market plans

Li Xiang, the CEO of Chinese electric automaker Li Auto (NASDAQ: LI), recently announced on Weibo, a Chinese Twitter-like platform, that the company currently has no intentions of expanding overseas. Instead, their primary focus lies in dedicating all resources and efforts towards accomplishing their annual sales target of 1.6 million vehicles by the year 2025.

Xiang also emphasized that Li Auto maintains a direct-sale strategy, without utilizing any dealers overseas.

“We will not authorize any agents and distributors, we will always adhere to the direct sales model, which is very healthy in the digital age, so don't worry about us.” Wrote Xiang.

Additionally, Li Xiang revealed that during the initial two weeks of July, there were more than 200 instances of individual private parallel exports of Li Auto crossovers to various regions, such as Central Asia and the Middle East.

“We have no right to limit the demand for private parallel exports, nor do we have any special prices.” — Li Xiang.

Shares of LI auto are up 0.48% in afternoon trading on Thursday.

By Michael Elkins | [email protected]

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