Tagged: li mega

‘Tesla killer’: Chinese billionaire makes $4 billion overnight

A Chinese billionaire has seen his personal wealth skyrocket by a staggering $US2.6 billion ($A3.97b) overnight.

On Monday local time (Tuesday AEDT), Chinese electric vehicle maker Li Auto announced its fourth quarter earnings and investors were stoked.

As a result, the company, which is listed on two stock exchanges, surged in value.

Li Auto’s market capitalisation jumped by 26 per cent in the Hong Kong stock market, while it hit nearly 19 per cent on the US’s NASDAQ.

This was great news for the company’s chief executive and founder Li Xiang, who has been dubbed a Chinese Elon Musk, and holds a large stake in his company.

According to the Forbes Billionaire Index, at the time of writing, Mr Li’s net worth now stands at $US10.7 billion ($A16.3b).

Before the market rally, it stood at $US8.1 billion ($A12.4b).

Forbes listed Mr Li as one of the five biggest wealth makers worldwide on Monday.

Mr Li, 42, is currently ranked as number 34 on China’s rich list and is number 748 on the Global Billionaire’s Index.

Li Auto isn’t his first successful entrepreneurial venture.

Mr Li launched a computer and gadget review website called pcpop.com in 2005 as soon as he finished high school.

Then in 2005, he spotted a gap in the market and launched a vehicle news website called Autohome, which debuted on the New York Stock Exchange in 2013.

In 2015, he launched Li Auto.

Li Auto surged on stock markets in the wake of the news that sales of its three models had more than doubled compared to the previous year to $US5.9 billion ($A9b).

The company’s total net profit came in at $US810 million ($A1.2b), which was a 2068 per cent increase from the previous 12 months.

The profit margin it gains from every sale of

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