Customers can reserve the Li Mega by paying a refundable RMB 5,000 for priority delivery. Deliveries of the model will begin at the end of February.

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Li Auto (NASDAQ: LI) has announced the number of pre-orders it has received for its first battery electric vehicle (BEV) model, the Li Mega, in a move to demonstrate the model's popularity.

In the first hour and 42 minutes after pre-sales began, more than 10,000 units of the Li Mega were reserved, the company announced today on Weibo.

Reservations for the seven-seat MPV (Multi-Purpose Vehicle) opened at 9:40 am Beijing time today, with customers able to secure priority delivery rights by paying a readily refundable RMB 5,000 ($690) deposit.

As of 11:22 am, more than 10,000 customers had paid deposits to pre-order the Li Mega, according to the company.

The Li Mega will be priced under RMB 600,000, and Li Auto is confident that it will become the first choice among models priced above RMB 500,000 for families, the company said.

The Li Mega will be the number one seller of models priced above RMB 500,000, regardless of energy form, regardless of body style, the company re-emphasized.

Li Auto officially unveiled Li Mega at the Guangzhou auto show, which began today, and starts accepting reservations.

The company will officially launch the seven-seater in December, with exact pricing to be announced at that time.

Test-drive vehicles of the Li Mega will be available at Li Auto's showrooms from January and deliveries will begin in late February.

Notably, Li Auto's local counterpart, (NYSE: XPEV), also officially unveiled its first MPV model, the X9, and started its pre-sale at the Guangzhou auto show today.

The Xpeng X9's pre-sale price starts at RMB 388,000, much lower than the Li Mega, which is set to put pressure on Li Auto.

The official launch of the X9 will be in December and deliveries will begin in January.

"Deliveries of the X9 will begin in early January 2024, and I expect the X9 to be the No. 1 seller in the large pure electric MPV market," He Xiaopeng, Xpeng's chairman and CEO, said in a November 15 analyst call after the company announced its third-quarter earnings.

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Li Auto officially unveils its 1st BEV Li Mega and starts pre-sales