The five-seater Li L6, the Beijing-based carmaker’s cheapest model, is priced from 249,800 yuan (US$34,509) onwards, with deliveries beginning next week.
The electric SUV, which uses extended-range battery technology, is the “best buy” among cars priced below 300,000 yuan, vice-president Liu Jie said.
“It will bring an enjoyable experience to more families on their journey,” he told a virtual launch ceremony on Thursday evening. “We hope the vehicle will create a mobile and happy home for more families.”
EVs fitted with small internal combustion engines generate additional power during idling, thereby extending a battery-propelled car’s range.
Li Auto’s three larger SUVs – L7, L8 and L9 – use the extended-range technology. The carmaker also assembles and sells the pure-electric multipurpose vehicle Mega on the mainland.
The L6’s battery gives the five-seater SUV a range of as much as 212km on a single charge, and with the combustion engine it can reach 1,390km.
12:53
‘Overtaking on a bend’: how China’s EV industry charged ahead to dominate the global market
‘Overtaking on a bend’: how China’s EV industry charged ahead to dominate the global market
Last year, Li Auto reported a year-on-year jump of 182 per cent after handing over 376,030 vehicles to mainland customers. The company broke its monthly sales record for nine consecutive months from April to December.
Tesla delivered more than 600,000 Shanghai-made Model 3s and Model Ys to mainland buyers last year, an increase of 37 per cent from 2022.
“About a dozen SUVs built by Chinese carmakers are viewed as rivals to Model Y, but they have yet to mount a real challenge to the Tesla vehicle,” said Eric Han, a senior manager at Suolei, an advisory firm in Shanghai. “The L6 is likely to siphon off buying interest in Model Y, but it will not be able to pose a strong threat [to Model Y].”
03:11
Cheap EV alternative to Tesla and BYD takes off in small-town China
Cheap EV alternative to Tesla and BYD takes off in small-town China
Among the trio, Li Auto is the only company that has posted a profit. It earned 11.8 billion yuan last year, compared with a net loss of 2 billion yuan in 2022.
Li Auto has set a delivery target of 800,000 units for 2024, a 127.5 per cent increase year on year.
In the first three months of this year, it delivered 80,400 units, 52.9 per cent higher than a year ago.