Li Auto announces management and board changes

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By Michael Elkins

Chinese electric vehicle maker, Li Auto Inc (NASDAQ:LI) announced today that the company’s president and director, Mr. Yanan Shen has resigned to devote more time to his personal affairs. The resignation will take effect on January 1, 2023. Mr. Shen will stay with the Company to support the Company’s continued efforts in the organizational upgrades to prepare for its future success.

The electric automaker also announced that the board has promoted Mr. Donghui Ma, chief engineer, as the president and appointed him as a director of the Company, effective on January 1, 2023. Mr. Yan Xie, senior vice president, has been promoted as the chief technology officer, effective on December 12, 2022.

Mr. Xiang Li, founder, chairman, and chief executive officer of Li Auto, commented, “On behalf of our board and the management team, I would like to thank Yanan for his contribution to Li Auto since 2015. His sound judgment and leadership have been instrumental in our company’s growth from zero to one and the amazing delivery records that we have achieved, one after another, in the smart NEV market in China. Yanan has been my great partner over the years and will remain a lifetime friend whom I will always cherish and learn from. I am very grateful that before Yanan moves on to a different focus in life, he will continue to support our critical organizational upgrades so that we are ready for our ‘one-to-ten’ development. Meanwhile, we are also excited about the promotion of Donghui and Yan and look forward to working with them in their new capacities and taking Li Auto to new heights.”

“It has been a privilege to work alongside the right team and serve Li Auto during its founding and rapid development. I believe it’s now time to take a break and rethink how to create more value for my family and society,” commented Mr. Yanan Shen, “The strong support and guidance from Xiang has helped me always strive further, for which I’m deeply grateful. Xiang has been my mentor in work and is also my most trusted friend in life. I also would like to thank Donghui, Yan, and our chief financial officer, Tie Li, for being there with me side-by-side through thick and thin, and to everyone at Li Auto for their support, hard work, and dedication. I firmly believe that Li Auto will be an ultimate winner among the global smart new energy automakers,” Mr. Shen concluded.

Shares of LI are down 11.78% in mid-day trading.