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2023-02
Starting at 319,800 yuan! The Li Auto L7 Enters the Five-Seat SUV Market
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On the evening of February 8, Li Auto, a company client, officially launched its new model, the Li Auto L7, marking Li Auto’s official entry into the five-seat SUV market.
The new vehicle is positioned as a five-seat mid-to-large-size SUV, available in three trim levels—Air, Pro, and Max—with prices of RMB 319,800, RMB 339,800, and RMB 379,800 respectively. It represents the lowest starting price among all currently available Li Auto models. Deliveries of the Li Auto L7 Pro and Max will begin sequentially on March 1, while deliveries of the Li Auto L7 Air will start gradually in early April.
With the launch of the Li Auto L7, Li Auto’s L-series product lineup has now expanded to three models (L9, L8, and L7). In the future, Li Auto will also introduce the L6 and L5 models.
Regarding the product plan, Li, founder, chairman, and CEO of Li Auto. As stated during the Q1 2022 earnings call: “Our product lineup is very similar to that of the iPhone. By leveraging a single, highly effective technology platform, we offer different models—iPhone 12 Pro Max, iPhone 12 Pro, iPhone 12, and iPhone 12 Mini—tailored to various price points and precisely meeting diverse consumer needs at different price levels.”
From a market performance perspective, in December 2022, thanks to the combination of the Li Auto L8 and Li Auto L9, Li Auto achieved the fastest monthly sales exceeding 20,000 units among the new EV brands. The launch of the Li Auto L7 can be seen as Li Auto’s move to expand into other niche markets after consolidating its position in its existing segments.
In the Chinese automotive market, the market share for five-seat vehicles is larger than that for six-seat vehicles. Public data shows that five-seat SUVs account for nearly 95% of the SUV segment. In the price range of 300,000 to 400,000 yuan, large five-seat SUVs are also the best-selling models.
Li Auto is placing great hopes on the Ideal L7. At a previous earnings call, Li Xiang stated that delivering the Ideal L7 was among the company’s most important tasks for 2023. According to insiders, the L7’s steady-state monthly sales should be between 10,000 and 15,000 units.
Tianfeng Securities believes that the Li Auto L7 fills the gap in Li Auto’s five-seat SUV lineup. With an expanded target customer base and outstanding product performance, the L7 is poised to become Li Auto’s next blockbuster model, helping the company take its delivery volume to a new level. It is estimated that Li Auto’s total deliveries for the first quarter of 2023 could reach between 50,000 and 55,000 vehicles.
As the core supplier of the next-generation range-extending system for Li Auto, Qin’an Shares will continue to partner with Li Auto to provide customers with a more comfortable driving experience.
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