MaHui | KH Automotive Technologies Co., Ltd. Delivers 50,000th Air Spring Assembly for Li Auto L9

On January 9, 2023, KH Automotive Technologies Co., Ltd. (hereafter referred to as "KH Automotive") announced that it had delivered its 50,000th air spring assembly for the Li Auto L9, and held a commemorative ceremony at its Huzhou Nanxun Taihu New District facility. Qi Binbin, director of the Nanxun Taihu New District, Meng Qingpeng, vice president of supply chain at Li Auto, and multiple supply chain representatives attended the event. Both KH Automotive and Li Auto are portfolio companies of Source Code Capital. Source Code is delighted to witness and congratulates MaHui members on reaching this deeper level of collaboration.

At the ceremony

Guo Chuan, chairman of KH Automotive, delivers a speech

Meng Qingpeng, vice president of supply chain at Li Auto, delivers a speech

The Li Auto L9 is a full-size intelligent flagship SUV with air suspension as standard across all trims. Since its launch in June 2022, sales have repeatedly hit new highs. The latest official data shows that the L9's December sales alone exceeded 10,000 units, making it the top-selling full-size SUV for four consecutive months. KH Automotive is the exclusive supplier of air spring assemblies for the L9, and as sales rapidly climbed, the company had to quickly build monthly delivery capacity of 15,000 to 20,000 sets. After months of round-the-clock expansion and efficiency improvements, the three dedicated air spring assembly production lines that KH Automotive established for Li Auto now have a combined monthly capacity of 25,000 sets. Supply chain capabilities have also multiplied several times over, fully meeting current L9 delivery demands.

Previously, no domestic company had achieved delivery of 50,000 passenger vehicle air spring assemblies. KH Automotive's milestone marks a new height for China's passenger vehicle air suspension industry, which was once a complete blank space.

KH Automotive's production base in Huzhou Nanxun Taihu New District

KH Automotive is a national high-tech enterprise and a national "Little Giant" specialized and sophisticated enterprise. It is the first domestic company to achieve mass production and OEM supply of passenger vehicle air suspension systems (and currently remains the only system supplier). In 2022, it supplied air suspension systems for four mass-production vehicle models. In 2023, KH Automotive will begin air suspension mass production for five additional models, with projected deliveries exceeding 400,000 air suspension products to customers.

Source Code Capital was one of Li Auto's earliest institutional investors, the lead investor in its Series A round, and has continued to invest in multiple subsequent rounds. Source Code also co-led KH Automotive's Series B round.