Source Code Capital Portfolio Company Li Auto Completes $530 Million Series C Funding, Li ONE Deliveries to Begin in November

源码资本·August 17, 2019·0·0

This round was led by Xing Wang, founder of Meituan, at a post-money valuation of approximately $2.93 billion.

On August 16, 2019, Li Auto announced the completion of a $530 million Series C financing round. The round was led by Meituan founder Xing Wang. The post-money valuation was approximately $2.93 billion. Cumulative funding for Li Auto reached $1.575 billion. Source Code Capital was an investor in Li Auto's Series A, A+, and B rounds.

Li Auto's first product, the range-extended electric SUV Li ONE, would begin media test drives in August, followed by customer test drives in 13 cities nationwide starting in September. In October, Li Auto would commence mass production of the Li ONE. Customer deliveries would begin in November.

Xingshi Wang of Source Code Capital, an early and repeat investor in the company, said: "Li Auto represents the new generation of automakers, as well as Source Code Capital's 'Intelligence+' mobility portfolio. As an early and continuous investor in Li Auto, Source Code Capital is committed to bringing together exceptional entrepreneurs and investors to jointly advance the evolution of intelligent vehicles. The successful completion of this financing round signals greater opportunities for Li Auto to collaborate with world-leading Mobile Internet companies, both operationally and financially."