Podcast Platform Lizhi Shares More Than Double on Xpeng in-Car Audio Deal
Dou Shicong
DATE:  Dec 04 2020
/ SOURCE:  Yicai
Podcast Platform Lizhi Shares More Than Double on Xpeng in-Car Audio Deal Podcast Platform Lizhi Shares More Than Double on Xpeng in-Car Audio Deal

(Yicai Global) Dec. 4 -- Shares of Chinese podcast platform Lizhi rose more than twofold after the Chinese online audio community operator announced yesterday it will cooperate with smart electric vehicle maker Xpeng Motors on in-car audio, its first such agreement with an auto maker.

This collaboration which starts this week will integrate Lizhi's audio content product into Xpeng Motors' in-car smart operating system, the Guangzhou-based company said in its statement.

The Guangzhou-based platform’s shares [NASDAQ:LIZI] closed up 102.97 percent at USD4.79 yesterday after soaring almost 150 percent on the wings of the announcement to give it a total market cap of USD221 million.

“We are excited to establish the cooperation with Xpeng Motors which is aimed to deliver better mobility experience for Xpeng Smart EV users. We believe this will strengthen our competitiveness in the in-car audio services space. As of September 30, 2020, there have been over 234 million podcasts uploaded to our platform,” Marco Lai, Lizhi founder and chief executive, said in the statement.

“We are confident that our key strengths built on our advanced audio technologies, our AI-enabled content recommendation and distribution systems and massive content portfolios will add value to Xpeng Smart EV users,” Lai added.

Formed in 2013, the leading Chinese audio entertainment platform focused on user-generated content and interactive live streaming listed on the Nasdaq Stock Exchange in January. Lizhi's operating revenue rose 8 percent on the year to CNY360 million (USD55 million) in the third quarter, while its net losses narrowed by 87 percent to CNY6.1 million (USD932,690), per the earnings report it released last month.

China's three leading smart EV producers Nio, Xpeng and Li Auto, all smashed records for single-month sales in November, data show. Xpeng delivered 4,224 units last month, up 342 percent from a year earlier, bringing the total in the first 11 months to 21,341 units for an annual 87 percent gain.

Editor: Ben Armour, Xiao Yi

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Keywords:   Lizhi,Xpeng Motors