Li Xiang became a famous icon in China's entrepreneurship circles since his works are said to be parallel with Elon Musk's innovations. According to KrASIA, Li now wants to stake his claim in the electric vehicle industry.
#Lixiang Jul sales at 2,516, 33% MoM. Jan-Jul at 12,182, #China media citing company.
Earlier, Lixiang Jul production at 2,205, 0.2% MoM. pic.twitter.com/qMvVcg1FdG — Moneyball (@DKurac) August 10, 2020
Although China had more than 450 electric car manufacturers in 2019, which produced a total market of at most 1.8 million passenger vehicles, the Asian country's industry cooled down after China faced a gloomy economic outlook and dwindling government because of COVID-19, as stated by the Centre for Strategic and International Studies (CSIS), a Washington-based think tank.
"We have not touched the cash we received from our last series of funding [Series B-3]," said Li Xiang.
"We will not spend money randomly, because when you spend in areas where you should not, you will end up wasting even more money in those areas," he added.
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Written by: Giuliano de Leon.
