On May 20th, Li Xiang, CEO of Ideal Automobile, announced during the first quarter financial report conference call that Ideal Automobile will not release pure electric SUV products this year and will postpone the release to the first half of next year.

Regarding the pure electric strategy, Li Xiang also stated that self operated supercharging piles are a necessary condition for selling mid to high end pure electric vehicles at this stage. The appropriate time to launch the product to the market is for self operated supercharged piles to reach a similar quantity to Tesla. In addition, Ideal needs to upgrade and add more store booths to support more vehicle sales.

Li Xiang stated that the Ideal L6 has been widely recognized; Under the new pricing strategy, Ideal L9, L8, and L7 have also shown sustained improvement. "Overall, we are very optimistic about the upcoming monthly sales performance. After the price strategy adjustment, the order volume for L7, L8, and L9 continues to increase, and the company has no plans to lower prices in the future."

Previously, it was reported that Ideal Automobile released its financial report for the first quarter of 2024 as of March 31 today. Data shows that the revenue for the quarter was 25.6 billion yuan, with a market expectation of 25.58 billion yuan. The revenue for the same period last year was 18.79 billion yuan, a year-on-year increase of 36.4% and a month on month decrease of 38.6%. Ideal Automobile's net profit for the quarter was 591.1 million yuan, a year-on-year decrease of 36.7% and a month on month decrease of 89.7%. Not in accordance with US GAAP, the net profit was 1.3 billion yuan, a year-on-year decrease of 9.7% and a month on month decrease of 72.2%.