Funding and ownership
Shanghai Mach Core Technology, Li Auto's chip subsidiary, completed a 1.625 billion yuan first equity funding round. Li Auto contributed 1 billion yuan and external investors contributed 625 million yuan combined.
External investors included Hangzhou Jingtao, BlueRun Ventures, Huaye Tiancheng Capital and MiraclePlus. After the round, Li Auto held 74.01% of Mach Core and remained its largest shareholder.
Hangzhou Jingtao also received the right to make an additional 500 million yuan investment. Counting that additional investment, Mach Core Technology's valuation reached 17.1 billion yuan. Li Auto also set up an employee equity incentive plan, with 20% of equity allocated to talent incentives.
The funding will be used for Mach Core's subsequent chip research and development and commercialization.
External sales of standardized components
On September 21, Li Auto President Ma Donghui said at a media briefing that standardized components such as Mach chips and silicon carbide modules can be sold externally, and that other manufacturers can also complete adaptation.
Li Auto plans to use Mach Core Technology to supply chip technology externally and expand into businesses beyond automotive. Li Auto is also developing a second-generation Mach intelligent driving chip.
Tesla AI5 progress
In April this year, Tesla's next-generation AI5 chip completed tape-out. According to Elon Musk, a single AI5 delivers about five times the effective compute of two current AI4 chips on Tesla's own models.