China EV price war: Tesla rival Li Auto says cheapest model yet to ‘bring you happiness’, will launch next week
- Leading EV players are either offering price cuts or are unveiling cheaper models to cater to budget-conscious consumers: Shanghai analyst
- The mid-sized, five-seater Li L6 SUV will be priced below 300,000 yuan (US$41,470), carmaker says
The mid-sized, five-seater Li L6 sport-utility vehicle (SUV) will be priced below 300,000 yuan (US$41,470), the carmaker said, adding that it will unveil prices during a launch event on April 18.
The SUV, which will come equipped with extended-range battery technology, will be the cheapest model developed by the Beijing-based carmaker yet. The L6 will “bring you happiness”, Li Auto said in a statement on the microblogging site Weibo on Monday.
“All EV builders are aware of weak market sentiment,” said Tian Maowei, a sales manager at Yiyou Auto Service in Shanghai. “The leading players are either offering price cuts or are unveiling cheaper models to cater to budget-conscious consumers.”
Li Auto is redoubling efforts to bolster sales in a cutthroat market. The carmaker, one of China’s top EV marques last year, has set a lofty delivery target of 800,000 units for 2024, which translates to a 127.5 per cent surge year on year.
In the first three months of this year, it has delivered a total of 80,400 units, an increase of 52.9 per cent from the same period a year ago.
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