Founded in 2015, Li Auto always follows a simplified design concept. Li ONE, launched in 2018, adopted extended-range hybrid technology (EREV) to overcome range anxiety with electric vehicles. It has achieved cumulative sales of more than 170,000 units, a gross margin of 21.3% in 2021, the best among Chinese new carmakers. Then, Li Auto launched the second car series, "Ideal L9" SUV, also with EREV. Its EV-related technology investment is mostly in extended range hybrid technology. The company also invests in automotive power semiconductors and battery startups.