Hello gentlemen, thank you for standing by for Li Auto's third quarter 2021 earnings conference call. On today's call, we have our president, Mr. Kevin Yanan Shen; our CFO, Mr. Johnny Tie Li, to begin with prepared remarks; our founder and CEO, Mr. Xiang Li; and our CTO, Mr.
As of the end of September, Li Auto had 162 retail stores across 86 cities, compared with only 97 stores in 64 cities as of June 30. In November, it acquired a company that had leased its land-use rights and factories to Li Auto at its Changzhou manufacturing base to gain full control over the base. While that's good news for the entire EV industry, Li Auto is preparing itself for the next phase of growth by investing in battery-electric and extended-range EVs, and advanced driver-assist systems, while expanding its manufacturing capacity.
Electric vehicle stocks are back to trading more on the progress in their business, and less on splashy IPO hype.