[ATTACH] China’s large and competitive electric car market has...

China’s large and competitive electric car market has minted a new billionaire, who is aiming to win over the country’s consumers with vehicles designed to be innovative and affordable.  
Li Xiang, founder of Beijing-based EV startup Li Auto, saw shares of his company surge almost 50% following its Thursday debut on the Nasdaq. Li Auto raised $1.1 billion by selling 95 million American Depositary Shares at $11.5 apiece, giving the company a market value of $11 billion. Li has a 21.3% stake that give hims a net worth of $2.9 billion.
Analysts say Li Auto managed to carve out a place in China’s competitive EV market—which is also the world’s largest—by targeting family users. The company is best known for Li ONE, a six-seat electric SUV that sells for 328,000 yuan ($47,000). To differentiate his vehicles from more established models, such as Tesla’s pure electric cars, Li Xiang developed a system called EREV (extended range electric vehicles). Li’s system is powered by electricity from both battery packs and an internal combustion engine.