LI - Li Auto CEO takes aim at German automakers

Li Auto ( NASDAQ: LI ) CEO Li Xiang voiced confidence in his company’s ability to push major German automakers in China on price on Wednesday.

The CEO of the major Chinese auto manufacturer took to domestic social media site Weibo to state his belief that German automakers will be forced to cut prices significantly in the next two years as competition heats up.

"I expect that by the end of next year at the earliest, and the end of 2024 at the latest, the main models of [Mercedes-Benz ( OTCPK:DMLRY ), BMW ( OTCPK:BMWYY ), and Audi ( OTCPK:AUDVF )] locally produced medium-to-large SUVs will sell for less than RMB 500,000 ($74,700)," he wrote. "Consumers will be the biggest beneficiaries."

The statements by the executive come shortly after the unveiling of the Li L9 at a retail price of RMB 459,800, undercutting the average price of German peers. Deliveries for the new vehicle are slated for August.

Li Auto ( LI ) shares rose over 2% shortly before Thursday’s market open.

Read more on recent sales trends in China .

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