April 22nd, the official LI AUTO LI AUTO announced that all models under its L7, L8, L9, and MEGA entire range will have a price reduction, among which the L series has a price reduction of 18,000-20,000 yuan, and the MEGA has a price reduction of 30,000 yuan. It is worth mentioning that this time LI AUTO did not stab owners in the back, and for owners who have already picked up the 2024 LI AUTO L7, LI AUTO L8, LI AUTO L9, and LI AUTO MEGA, cash feedback will be provided.
Specifically, the LI AUTO L7, which is positioned as a 5-seat mid-to-large SUV, has three configuration models for sale: the Pro version, the Max version, and the Ultra version. The corresponding prices before the price adjustment were 319,800 yuan, 349,800 yuan, and 379,800 yuan, and the corresponding prices after the price adjustment were 301,800 yuan, 329,800 yuan, and 359,800 yuan. Among them, the Pro version has a price reduction of 18,000 yuan, and both the Max version and the Ultra version have a price reduction of 20,000 yuan.
The LI AUTO L8, which is positioned as a 6-seat mid-to-large SUV, has three configuration models for sale: the Pro version, the Max version, and the Ultra version. The corresponding prices before the price adjustment were 339,800 yuan, 369,800 yuan, and 399,800 yuan, and the corresponding prices after the price adjustment were 321,800 yuan, 349,800 yuan, and 379,800 yuan. Among them, the Pro version has a price reduction of 18,000 yuan, and both the Max version and the Ultra version have a price reduction of 20,000 yuan. The LI AUTO L9, which is positioned as a 6-seat large SUV, has two configuration models for sale: the Pro version and the Ultra version. The corresponding prices before the price adjustment were 429,800 yuan and 459,800 yuan, and the corresponding prices after the price adjustment were 409,800 yuan and 439,800 yuan, and both the Pro version and the Ultra version have a price reduction of 20,000 yuan.
As the first MPV of LI AUTO, the LI AUTO MEGA only provides one configuration model of the Ultra version, and the price before the price adjustment was 559,800 yuan, and the price after the price adjustment was 529,800 yuan, with a price reduction of 30,000 yuan. Currently, the crisis that LI AUTO is encountering is far more severe than imagined. In March this year, after completing the launch of new products and the redesign of old models, the sales of LI AUTO fell short of expectations, only being 29,000 vehicles, and it is the only new power that has not returned to the level before the Spring Festival holiday in terms of overall sales under the background of the overall recovery of sales. On March 21st, the CEO of LI AUTO, Li Xiang, released an internal letter. In the internal letter, Li Xiang admitted that the LI AUTO MEGA’s operational rhythm was operated incorrectly and led to a significant reduction in the service time and energy of the sales team for the L series users.
In addition, Li Xiang also mentioned the issue of excessive focus on sales volume’s desire. He stated, “We have been too focused on sales volume and competition from top to bottom, allowing desire to surpass value, which has significantly decreased our originally best user value and operational efficiency.” Regarding this, Li Xiang believes that it is necessary to “reduce expectations and desires for sales volume and return to healthy growth.” After that, LI AUTO no longer releases weekly sales lists externally, and Li Xiang also rarely makes statements on social media, and even the highly important LI AUTO L6 launch conference was carried out in the form of recorded broadcasts. Retail data shows that the sales of LI AUTO in the first quarter of this year were 80,400 vehicles, with a year-on-year growth of 52.9%. Among them, the LI AUTO L7 has the highest sales volume, being 32,800 vehicles, and the LI AUTO L8 and LI AUTO L9 were 24,000 vehicles and 20,900 vehicles respectively.
Not long ago, LI AUTO lowered its sales target, which was previously 800,000 vehicles, down to 56-640,000 vehicles. Even if following the lowest annual target plan, in order to complete the annual target as scheduled, it means that LI AUTO needs to deliver 480,000 new vehicles in the next nine months, that is, more than 53,000 vehicles per month. In the short term, under the premise that there is no significant increase in the current models, to return to the monthly delivery level of 50,000 vehicles, it can only place its hopes on the LI AUTO L6. As for the recently launched LI AUTO L6, it has not been included in the price reduction range this time.
The LI AUTO L6 is the fourth SUV under LI AUTO and was launched on April 18th, offering the Pro version and the Max version, with prices of 249,800 yuan and 279,800 yuan respectively. According to the official announcement of LI AUTO, within 72 hours after the launch of the LI AUTO L6, the accumulated large orders have broken through 10,000, with a deposit of 5,000 yuan and it can be refunded within 7 days. In general, the announced report card of LI AUTO still has more or less “moisture,” and the achievement of 72 hours breaking through 10,000 is not very ideal. Many consumers are still observing, after all, the new M5 of WENJIE will be officially released and listed tomorrow. If the price is beautiful enough, it may cause many consumers to cancel their orders and then choose the new M5 of WENJIE, and from April 18th to the time when the new M5 of WENJIE is released and listed, it happens to be within a week, and consumers can cancel their orders for the LI AUTO L6 without assuming any responsibility.
Affected by the price reduction of LI AUTO, the stock price of LI AUTO has broken through the 100-yuan mark, falling by 8.33% and reporting 97.45 Hong Kong dollars per share, with a total market value of 206.791 billion Hong Kong dollars.
