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Li Auto (NASDAQ:LI) CEO Li Xiang on Wednesday expressed confidence in his company’s ability to boost prices at major German automakers in China.
The CEO of China’s most sensible automaker took to national social media Weibo to affirm his confidence that German automakers will be forced to cut their costs over the next two years as the festival intensifies.
“I expect that by the end of next year at the earliest, and by the end of 2024 at the latest, the main models of [Mercedes-Benz (OTCPK:DMLRY), BMW (OTCPK:BMWYY) and Audi (OTCPK:AUDVF )] SUVs medium and large ones produced will be sold for less than 500,000 RMB ($74,700),” he wrote. “Consumers will be the biggest beneficiaries. “
The executive’s statements come shortly after the presentation of the Li L9 with a retail value of 459,800 RMB, lower than the average value of its German peers. Deliveries of the new vehicle are scheduled for August.
Shares of Li Auto (LI) rose more than 2% in a time before Thursday’s market open.
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