Credit: LI Auto

Li Auto to reduce Li ONE’s price by $2,900, discontinue production in October

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

The PHEV maker Li Auto is preparing to announce a discount of 20,000 yuan ($2,898) while planning to discontinue the production of its hybrid model Li ONE in October, the sales staff confirmed after a leaked message.

According to Li Auto, the company recently launched an insurance promotion of 7,000 yuan that started on August 14 for Li’s ONE model. “However, this promotion is not a direct cash reduction, but a reduction of 7,000 yuan for in-store purchases of insurance”, the report says.

Last week, the automaker said that delivered 4,571 vehicles in August — down 56% sequentially from the 10,422 units delivered in July.

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During the second quarter earnings call held last week, Li Auto’s founder Yanan Shen said the company is preparing to launch the 5/6 seat SUV Li L8 model in early November with deliveries beginning later in the month.

Yanan Shen commented, “We are pleased to have commenced deliveries of our flagship smart SUV, Li L9, and to have heard from Li L9’s initial users that it exceeded their expectations”.

“Meanwhile, we are preparing for the launch of Li L8 in early November, with delivery beginning in the same month. Li L8 is a large premium smart SUV for families. The model will be available in two variants, a six-seater and a VIP five-seater, to broadly cater to diverse family groups,” he added.

In the third quarter, the automaker expects to deliver between 27,000 and 29,000 vehicles, representing an increase of 7.5% to 15.5% from the third quarter of 2021. Li Auto expects total revenues to be between RMB8.96 billion ($1.34 billion) and RMB9.56 billion ($1.43 billion), representing an increase of 15.3% to 22.9% from the third quarter of 2021.

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

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