Li Auto's first car carried a gasoline engine that never turned the wheels. The engine only charged the battery, so a family in the Li ONE could drive across China without hunting for a charger. That hedge set the Beijing company apart from rivals selling pure battery cars. When Li Auto listed on Nasdaq in July 2020, it had been selling its only model for less than a year, and China's crowded electric car market was in the middle of a shakeout.

Built for the Family Road Trip

Li Xiang founded the company in 2015, after building Autohome, one of China's biggest car websites. He aimed at a buyer he knew well: the parent who wanted a large SUV, electric for the city, with no fear of running out of charge on a holiday drive. The Li ONE, a six-seat SUV, used an extended-range design. A battery drove the car, and a small engine topped it up. Deliveries began in late 2019.

Two Listings, One Model at First

Li Auto priced its American depositary shares at $11.50 each in July 2020, raising about $1.1 billion. It added a listing in Hong Kong in August 2021. A wider lineup of family SUVs followed, and the company became one of China's best-selling new electric car makers. It later added pure battery models to the range. Li Auto still trades on Nasdaq under the ticker LI.

Cover: Third Class Carriage, Honoré-Victorin Daumier. Art Institute of Chicago, public domain. Chosen for a family riding together (a car built for families).