Li Auto's Chip Subsidiary Machin Tech Secures 1.625 Billion RMB in First Round, Potential Post-Money Valuation Reaches 17.1 Billion RMB

Li Auto announced on October 16, 2026, that its chip subsidiary, Shanghai Machin Technology Co., Ltd., has signed a first-round equity financing agreement with a total subscription amount of 1.625 billion RMB. The round was led by Hangzhou Jingtao, BlueRun Ventures, and Huaye Tiancheng, with participation from MiraclePlus. Li Auto contributed 1 billion RMB through its wholly-owned subsidiary, while external investors contributed a combined 625 million RMB.

Under the agreement, Hangzhou Jingtao and its affiliated funds have obtained a one-time additional subscription right to invest up to an additional 500 million RMB at the same price before December 31, 2026. If this right is fully exercised, Machin Technology's post-money valuation will reach 17.1 billion RMB. After the financing, Li Auto is expected to hold approximately 74.01% of Machin Technology's equity, maintaining its controlling position.

Machin Technology is the entity responsible for Li Auto's self-developed chips. Public reports indicate that Li Auto began evaluating the feasibility of self-developed chips in 2021 and officially launched the project in 2022, forming a dedicated team of about 200 people. Its self-developed Mach M100 chip uses a 5nm automotive-grade process and a dynamic dataflow architecture, achieving 1280 TOPS of computing power per chip. It entered mass production in May 2026, initially equipped in the new Li Auto L9 Livis model, and is now delivered with L9 and L8 models.