The Ministry of Industry and Information Technology recently released the "Announcement on Road Motor Vehicle Manufacturers and Products" (Batch No. 372) with the list of newly added vehicle manufacturers and changes to the list of already admitted enterprises. "Beijing Ideal Automotive Co., Ltd." appeared on this list, indicating that Ideal Automotive Beijing Factory has obtained the production qualification for pure electric/extended-range passenger vehicles.
Currently, Ideal Automotive has two production bases: the Ideal Automotive Green Smart Factory located in Shunyi District, Beijing, and the Ideal Automotive Intelligent Manufacturing Base in Wujin District, Changzhou. Currently, Ideal Automotive models are produced at the Changzhou Intelligent Manufacturing Base.
Based on previous information, the Ideal Automotive Green Smart Factory in Shunyi District, Beijing officially started construction in October 2021. The entire project has an investment of over 7.5 billion yuan and is a transformation of the former Beijing Hyundai Factory. The Green Smart Factory is scheduled to start production within this year with an annual capacity of 100,000 vehicles, mainly producing pure electric and extended-range electric passenger vehicles.
This year, Ideal Automotive's delivery volume has continued to climb. From January to May, the cumulative delivery volume has exceeded 100,000 vehicles, reaching 106,542 vehicles, far ahead of other new carmakers. On June 13, Ideal Automotive announced the sales volume for the 24th week of 2023 (June 5-11), with a total of 8,400 new vehicles sold, setting another record high. As of June 11, the sales volume for June has reached 11,900 vehicles.
During the previous first-quarter earnings conference call, Ideal Automotive founder Li Xiang stated the goal of achieving a monthly delivery of 30,000 vehicles in June this year. Recently, Li Xiang set a new target on social media, aiming to challenge 40,000 vehicles per month for the Ideal L7, L8, and L9 models within 2023. He also mentioned, "The main task ahead is to increase the supply volume of the supply chain because the supply target set at the beginning of the year was a bit low."
