Reading Automobile

Reading Automobile Group Co., Ltd., which operated under the brand name Levdeo or Letin, was established in 2008 by founder Li Guoxin in Shandong, China. The company initially carved out a significant niche in the low-speed electric vehicle (LSEV) market. During the peak of LSEV popularity in China, Levdeo was a dominant force, capturing a substantial portion of the market and recording impressive sales figures between 2016 and 2018. For instance, in 2018, its annual sales surpassed 12 billion yuan.

Seeking to transition into the mainstream automotive sector, Levdeo embarked on a series of strategic acquisitions. In April 2018, the company acquired Shaanxi Qinxing Auto, which provided it with the necessary qualifications to produce new energy commercial vehicles. This was followed by the acquisition of Yema Auto in January 2019, a move that granted Levdeo the license to manufacture full-size passenger electric vehicles, as well as traditional internal combustion engine cars. Following these acquisitions, the company launched the Letin brand and introduced several models, including the i3, i5, and i9. However, these initial offerings struggled to gain traction, selling only a few thousand units before being discontinued. A more successful product was the Letin Mengo, a mini EV designed by the renowned Italian firm Pininfarina, which launched in 2021 and achieved sales of 30,000 units in its first year.

Despite some product success and a significant Series A funding round of 3.2 billion yuan in November 2022, Levdeo faced considerable financial headwinds. The company encountered a liquidity crisis and production challenges starting in 2021, exacerbated by rising raw material costs. These issues led to an inability to deliver vehicles to dealers and a surge in legal disputes. In early 2023, founder Li Guoxin publicly accused a local government official of pressuring the company to inflate its sales figures. By May 2023, Levdeo had filed for bankruptcy. After completing a bankruptcy reorganization in 2024, the company has signaled a new strategic direction with plans to establish a small electric vehicle manufacturing facility in Punjab, Pakistan, aiming to leverage local incentives for both domestic sales and exports.

Keywords: electric vehicle manufacturer, low-speed electric vehicles, LSEV, new energy vehicles, EV production, automotive manufacturing, Letin Mengo, Pininfarina design, Yema Auto acquisition, Shaanxi Qinxing Auto, Chinese EV market, Shandong, Li Guoxin, EV bankruptcy, automotive reorganization, Pakistan EV plant, international expansion, commercial vehicles, passenger EVs