China's online-service super-app Meituan will develop an unmanned delivery vehicle based on Li Auto's SEV (Smart Electric Vehicle), according to a prospectus for the latter's Hong Kong listing published Monday.
The SEV was the first product developed by Li Auto at its inception, but it proved to be a failure and development was discontinued three years ago. After that, Li Auto focused its efforts on the Li ONE.
Li Auto and Meituan's affiliates signed an agreement on June 3 to license the SEV's intellectual property and provide technical support services to Meituan, the prospectus shows.
The SEV is a two-seat, low-speed mini-vehicle model that is not considered a passenger vehicle under Chinese regulations and therefore not eligible for road use.
Li Auto said in 2017 that the SEV has a mass of 350 kg, a range of about 100 km and a speed of no more than 45 km/h.
The SEV is used in private business scenarios, such as storage centers, rather than on the road, and it is targeted at businesses rather than individual consumers, the agreement shows.
The term of this agreement starts on June 3 and expires on December 31, 2023.
In return for the license and technical services, Meituan will pay a fee to Li Auto that will be related to the number of vehicles licensed.
Meituan unveiled in April its self-developed L4 electric unmanned delivery vehicle with a volume of 550 L, a capacity of 150 kg and a range of 120 km.
Meituan is a significant backer of Li Auto, with a 13.23 percent stake in Li Auto, and its founder Wang Xing holds 6.76 percent of Li Auto's equity.
Li Auto reveals product roadmap, will launch at least two pure electric models every year from 2023
(Photo source: Li Auto)
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