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Li Auto Inc. (NASDAQ:LI) has reportedly finalized an agreement with a Chinese state-owned enterprise to speed up the development of charging infrastructure. The goal is to establish 2,000 supercharging stations by year-end.
The carmaker entered into a cooperation agreement with Shoucheng Holdings, a subsidiary of Beijing-based state-owned Shougang Group, on August 22, reported CnEV Post.
Beijing-based Li Auto announced that the two companies will jointly fund Beijing Shoucheng Supercharging Energy Technology Co. Ltd., though additional details about the joint venture were not disclosed.
Li Auto stated that the two companies will advance the development and operation of inner-city charging infrastructure by leveraging Shoucheng’s site resources and power-acquisition capabilities.
According to the company, the newly constructed charging stations will be integrated with various charging platforms to improve the convenience of charging services.
The partnership with Shoucheng is the latest in Li Auto’s series of collaborations for EV infrastructure development. According to the report, Li Auto also signed a cooperation agreement with PetroChina Kunlun Wanglian Electric Energy Technology Co. Ltd in June.
Li Auto and PetroChina Kunlun will collaborate to advance the development of charging infrastructure along highways and in cities across the country, as well as to integrate their charging platforms.
According to Benzinga Pro, LI stock has lost over 45% in the past year. Investors can gain exposure to the stock via VanEck Low Carbon Energy ETF (NYSE:SMOG) and Carbon Collective Climate Solutions U.S. Equity ETF (NASDAQ:CCSO).
Price Action: LI shares are trading higher by 0.23% to $21.40 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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