Beijing (ZXZC)- China’s auto startup, Li Auto, has inked a strategic partnership framework agreement with the municipal government of Chongqing.

Li ONE; photo credit: Li Auto

The local government authorities have great hopes for Li Auto to take the opportunity and actively participate in the development of Chongqing’s automotive industry. By focusing on the auto industry’s technology and industrial innovations, Li Auto’s participation is encouraged to build an ecosystem for new energy and intelligent connected vehicles’ industrial development in Chongqing.

Founder and CEO of Li Auto, Li Xiang, expressed that the company will play to its advantages, and further expand its investment in the city, to cement the relationship.

Chongqing delivery center; photo credit: Li Auto

Notably, Chongqing has been in Li Auto’s layout for a long time. In December 2018, Li Auto acquired Chongqing Lifan Automobile Co., Ltd. from China’s well-known motorcycle manufacturer, Lifan Industry (Group) Co., Ltd, for Lifan’s new energy vehicle production qualification.

After the acquisition, the name Lifan Industry (Group) Co., Ltd was changed to Chongqing Lixiang Zhizao Automobile Co., Ltd. in January 2019.

For the first eleven months this year, the startup delivered 76,404 vehicles in total. Since delivery started, the accumulative delivery volume of the company reached 110,001 vehicles.

According to Li Auto’s third-quarter financial report, the revenue of the period amounted to RMB7.78 billion, more than tripled from a year ago, by 209.7%, and up 54.3% from the previous quarter.