- Li Auto began offering final payment reductions and 3-year 0-interest financing on L-series models, allowing buyers to save up to RMB 38,000 ($5,210).
- It will launch the smart driving edition of the L-series models in May, focusing on smart driving hardware upgrades.
Li Auto (NASDAQ: LI) has unveiled increased promotions to prevent a significant short-term sales hit as potential customers could wait for the update models coming in May.
The company today announced purchase incentives for the L-series extended-range electric vehicle (EREV) models available through March 31, including final payment reductions and 3-year 0-interest financing, which it said could save customers up to RMB 38,000 ($5,210).
Li Auto's L-series EREVs include the Li L6, Li L7, Li L8, and Li L9, all of which are SUVs (sport utility vehicles), with the Li L9 being the most expensive.
It also has a battery electric vehicle (BEV) model, the Li Mega MPV (multi-purpose vehicle).
The company had announced a 3-year 0-interest financing program on November 29 last year, available for all models, with a December 31 deadline.
In the increased promotion announced today -- with the addition of final payment reductions -- the Li Mega was not included.
Customers who purchase a Li L6 before the end of March can get RMB 10,000 off the final payment on top of the 3-year 0-interest financing program, saving about RMB 25,000 yuan, according to Li Auto.
For both the Li L7 and Li L8, the final payment reduction is RMB 12,000, saving customers RMB 30,000 and RMB 32,000 respectively when using the 3-year 0-interest financing program at the same time.
For the Li L9, the final payment reduction is RMB 16,000 and the interest savings is RMB 22,000.
Li Auto's ramped up promotions on Feb 28, 2025
| Starting price | Final payment reduction | Interest savings | Total savings | |
|---|---|---|---|---|
| Li L6 | 249,800 | 10,000 | 15,000 | 25,000 |
| Li L7 | 301,800 | 12,000 | 18,000 | 30,000 |
| Li L8 | 321,800 | 12,000 | 20,000 | 32,000 |
| Li L9 | 409,800 | 16,000 | 22,000 | 38,000 |
| * Prices are in RMB and the promotions are valid until March 31, 2025. | ||||
Earlier today, Li Auto's vice president, Liu Jie, said in a Weibo post that the company will launch the smart driving edition updates of its L-series models in May, focusing on upgrading the smart driving hardware.
The L-series models will get upgraded smart driving chips and all variants will be equipped with LiDAR, according to Liu.
For the L-series models currently on sale, only the highest priced Max variants come with LiDAR.
Currently, Li Auto offers limited-time purchase incentives for the L-series and Li Mega, including 3-year 0-interest financing and cash subcidies, which will be scaled back when the updated models go on sale in May, Liu said.
Li Auto and its local counterparts are expected to report February sales tomorrow. The company delivered 29,927 vehicles in January, down 48.85 percent from 58,513 in December and down 3.97 percent from 31,165 a year earlier.
In a February 26 research note, Deutsche Bank expected Li Auto to deliver about 28,000 vehicles in February, up 38 percent from a year ago but down 6 percent from a year ago.
($1 = RMB 7.2878)
Li Auto to update existing models in May, bringing smart driving hardware upgrades
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