Company: LI
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001410578-25-000678
Chunk: 15

Company: Li Auto Inc.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 3
Chunk 15
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512,091
Cash, cash equivalents and restricted cash at the end of the year                      10,172,519         30,493,064         40,418,158   ​    91,329,509   ​      65,907,972   ​      9,029,355
​

B.   Capitalization and Indebtedness
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Not applicable.

C.   Reasons for the Offer and Use of Proceeds
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Not applicable.

D.   Risks Factors
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Summary of Risk Factors 
An investment in our ADSs or Class A ordinary shares involves significant risks. Below is a summary of material risks that we face, organized under headings. These risks are discussed more fully below.

12

Risks Relating to Our Business and Industry

●   We have a limited operating history in BEV production and sales, and face significant challenges as a new entrant into the BEV market.
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●   Our ability to develop, manufacture, and deliver automobiles of high quality and appeal to users, on schedule, and on a large scale is unproven and still evolving.
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●   We may not be successful in the highly competitive China automotive market.
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●   We currently and in the foreseeable future depend on revenues generated from a relatively limited number of vehicle models.
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●   We continue to be subject to risks associated with EREVs.
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●   We had net losses in the past, which may happen again in the future.
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●   Our vehicles may not perform in line with user expectations and may contain defects.
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●   Our research and development efforts may not yield the results as expected.
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●   We could experience disruptions in supply of raw materials or components used in our vehicles from our third-party suppliers, some of which are our single-source suppliers for the components they supply.
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●   Our business is subject to various evolving PRC laws and regulations regarding data privacy and cybersecurity. Failure of cybersecurity and data privacy concerns could subject us to penalties, damage our reputation and brand, and harm our business and results of operations.
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Risks Relating to Our Corporate Structure

●   We are a Cayman Islands holding company with no equity ownership in the VIEs and we conduct our operations in China through (i) our PRC subsidiaries and (ii) the VIEs, with which we have maintained contractual arrangements, and their subsidiaries.