CEO said the company will share how it will make a premium BEV a hot seller at its March 1 launch event.

(Image credit: Li Auto)

The CEO of Li Auto (NASDAQ: LI) hinted that the Li Mega MPV (Multi-Purpose Vehicle) will be a hot seller, as the company's first battery electric vehicle (BEV) model is set to be officially launched tomorrow.

The number of pre-orders from customers paying RMB 5,000 ($700) to reserve the Li Mega has already far exceeded the performance of Li L9 over the same period in 2022, Li Auto founder, chairman, and CEO Li Xiang said in a Weibo post today.

"Stay tuned for the launch event on March 1 at 15:00 as we will share how we can sell a premium pure EV as a blockbuster product," Li said.

"Suppliers and partners, please be sure to keep up with capacity supply and don't be misled by the assumption that there are no sales of high-end pure EVs," he added.

Li Auto's spring 2024 launch will begin at 3:00 pm Beijing Time on March 1, when it is expected to launch the Li Mega, as well as the 2024 L-series models.

Li Auto's three models currently on sale are the Li L7, Li L8, and Li L9, all of which are extended-range electric vehicles (EREVs), essentially plug-in hybrids. The Li Mega will be Li Auto's first endeavor into the BEV market.

Launched on June 21, 2022, the Li L9 is the most expensive of Li Auto's current models in delivery, with a starting price of RMB 429,800 yuan.

Li Auto had the Li Mega unveiled on the first day of the 2023 Guangzhou auto show on November 17 and began accepting reservations the same day.

Li Auto did not announce a pre-sale price range for the Li Mega at the time, stating only that the model would be priced at less than RMB 600,000 yuan.

Li Auto is confident that the Li Mega will become the family's preferred model priced above RMB 500,000, the company has said many times before.

Customers who pre-order the Li Mega now can get a free upgrade entitlement to a 20-kW DC charging pile worth RMB 10,000, or a free supercharging entitlement of 6,000 kWh, according to the company's previous announcement.

Li Auto delivered 376,030 vehicles in the full year of 2023, the best performance among China's new car-making forces. The company aims to challenge 800,000 annual deliveries and 100,000 monthly deliveries in 2024.

Li Mega will challenge monthly sales of 8,000 units after its launch, Li Auto senior vice president Zou Liangjun said in a January 12 interview with local media.

($1 = RMB 7.1948)

Exec reveals how Li Auto plans to achieve 800,000 car sales in 2024