Li Auto

Greenwoods also bought an initial 14,285 shares of Tesla during the fourth quarter worth about $15 million. It does not hold any shares of Nio.

On Chinese social media, attention is focused on Mr. Li, who shares the same name as Nio's founder.

The site is 1.13 million square meters, larger than Tesla's Giga Shanghai, and will set the stage for Li Auto to achieve sales of 1.6 million vehicles by 2025.

During the holiday, the percentage of miles driven by Li Auto users using the navigation-assisted driving system was about 3.6 percent of the total, lower than Nio Pilot's 13 percent.

That's up 128 percent from 5,379 units a year ago, but down 13 percent from 14,087 units in December.

Xpeng is expected to be included in the Hong Kong-Mainland Stock Connect around February 11, while Li Auto is expected to see this happen around March 14, CITIC Securities said.

Edison Yu's team has updated their list of Chinese EV startups they are bullish on, dropping WM Motor and adding Zeekr and Hozon Auto.

In the fourth quarter, Li Auto delivered 35,221 units, exceeding the upper end of the previously guided range of 30,000-32,000.

Li Auto's lifetime warranty on the vehicle's battery, drive motor and motor controller will reportedly be reduced to eight years or 120,000 kilometers.

Last year a Volkswagen executive said extended-range EVs were the worst solution. Sales of the Li ONE with this technology have now exceeded the combined sales of Volkswagen's mid-size SUVs in China.