LI AUTO(US:LI) 晚点Auto·2025-07-25 15:11Core Viewpoint - The article discusses the strategic supply chain management of Li Auto, emphasizing its focus on self-research and manufacturing of key components, particularly the rear electric drive system for the i8 model, to enhance product competitiveness and ensure supply security [2][12][14]. Group 1: Company Overview and Performance - Li Auto's partner, United Power, has completed its IPO registration, marking a significant step in its listing process, with revenue growth from 2.9 billion yuan in 2021 to 16.2 billion yuan in 2024 [2]. - Li Auto has crossed the milestone of one million sales and over 100 billion yuan in revenue, positioning United Power among China's leading suppliers of core components for electric vehicles [3]. Group 2: Supply Chain Strategy - Li Auto's strategy prioritizes supply chain construction, aiming for rapid technological innovation and efficient product iteration through deep collaboration with suppliers [4][5]. - The company employs a four-tier supplier management system, ranging from self-research and manufacturing of core components to strategic partnerships for optimizing product definitions [6][12][19]. Group 3: Self-Research and Manufacturing - The rear electric drive system for the i8 is developed in-house, utilizing silicon carbide technology to enhance efficiency, which is crucial for maximizing internal space [13][16]. - Li Auto has invested in a production line capable of producing one million electric drives annually, ensuring supply security and competitive advantage [14][15]. Group 4: Collaborative Development - For critical components, Li Auto opts for self-research followed by joint manufacturing with suppliers, exemplified by the partnership with United Power to develop the front electric drive [15]. - The collaboration with semiconductor company Sico has led to the production of silicon carbide power modules, significantly improving vehicle range and design flexibility [16]. Group 5: Strategic Partnerships - Li Auto has engaged in deep cooperation with battery suppliers like CATL and Xinwanda, establishing dedicated teams to enhance integration and data sharing for quality control [17][18]. - The company has also partnered with Horizon Robotics for advanced chip technology, ensuring that its vehicles meet high-performance standards [19]. Group 6: Market Positioning and Risks - Li Auto's supply chain strategy is influenced by the need to balance self-research and external procurement, ensuring competitive pricing and technological advancement [21][22]. - The company has faced challenges, including production halts and sales fluctuations, which have impacted its supply chain and financial performance [24][25][26].