The rapid growth of Chinese Electric Vehicle manufacturer Li Auto has led to the emergence of another billionaire linked to the company’s eight-year history.
Fan Zheng, a non-executive director within the company, saw the value of his held stocks reach around $1.9 billion last Friday, as indicated by the company’s ownership records. Li Auto’s shares, which are traded on the Nasdaq, have more than doubled since hitting a low of $21.35 on March 15, 2023. On Friday, they concluded at $45.84, slightly lower than their record peak of $46.54 seen on Thursday.
By the close of the previous week, CEO Li Xiang found himself possessing a fortune estimated at $8.2 billion.
Over the recent years, Li Auto has risen to prominence as a highly regarded Electric Vehicle Manufacturer in China. Its market capitalization reached $48 billion on Friday, putting it in close competition with Ford ($51 billion) and GM ($50 billion). In the 2023 Forbes Global 2000 list, which ranks the world’s leading publicly traded companies, Li Auto secured the 1,691st position.
In July 2023, Li Auto accomplished the delivery of 34,134 vehicles, reflecting an impressive growth of 227.5% compared to the previous year, as reported by the company’s data.
From June 1999 to October 2016, Fan served as a co-founder and vice president at Autohome, an automotive information website. Fan’s educational background includes a degree in computer science earned from Hebei University of Science and Technology.
Summary
In a span of eight years, Li Auto’s exceptional expansion has fostered new billionaires like Fan Zheng. His holdings surged to $1.9 billion, echoing the company’s soaring Nasdaq-traded shares. Li Auto, rivaling giants like Ford and GM, stands strong as a top EV manufacturer, marking its place among the elite in Forbes’ Global 2000 list. With extraordinary growth, evidenced by the delivery of over 34,000 vehicles in July 2023, Li Auto continues to redefine the electric vehicle landscape.
The post China Electric Vehicle Maker’s Stock Jump, Mints Another Li Auto Billionaire first appeared on Business d'Or.
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