Stock prices for Li Auto take a dive following unveiling of Li i8 electric sports utility vehicle
In a significant move, Li Auto, a leading Chinese electric vehicle (EV) manufacturer, has officially unveiled its first all-electric SUV, the Li i8. The launch event took place in Beijing, with the six-seat Li i8 priced at RMB 321,800 ($44,850). Deliveries are scheduled to begin on August 20.
The Li i8 is Li Auto's latest major effort in the battery electric vehicle (BEV) market. The SUV is designed with a focus on its Advanced Driver Assistance System (ADAS) and virtual voice assistant, setting it apart from its competitors.
However, the Li i8 will face competition not only from Tesla's Model Y L, which is set to launch this fall, but also from the Onvo L90, a new electric SUV from a sub-brand of Nio Inc. The Onvo L90 was introduced with a 900-volt high-voltage platform, lightweight body technology, and safety features. The Onvo L90's pre-sales starting price is lower than that of the Li i8.
The Li i8's starting price of RMB 41,900 yuan is slightly cheaper compared to the starting price of the ES6, the main model sold by the Nio main brand.
The Li i8 launch marks Li Auto's deeper dive into the red-hot BEV market. In the first six months of the year, Li Auto delivered 203,938 vehicles, marking a year-on-year increase of just 7.91 percent.
Meanwhile, Li Auto's shares have been affected by the launch. As of press time, Li Auto's shares in Hong Kong had fallen 10.34 percent to 107.5 Hong Kong dollars. Similarly, Li Auto's American Depositary Shares (ADSs) closed down 6.20 percent at $27.38 overnight, the largest single-day decline since April 8.
The ES6 has undergone several years of iteration and optimization, positioning Li Auto as a player in the EV market. The company's continued efforts in the BEV sector are expected to shape the competitive landscape in the years to come.
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