Li Auto launches 0 down payment car purchase option to boost sales

Li Auto has launched a limited time 0 down payment car purchase program with a gift package of up to RMB 7,196, while the previous RMB 10,000 worth of benefits continue to be available.

(A Li Mega on display at the Beijing auto show in April 2024. Image credit: CnEVPost)

Li Auto (NASDAQ: LI) has expanded the car purchase benefits it offers to further stimulate sales.

Customers who buy any Li Auto model between July 1-15 can receive a limited-time offer of up to about RMB 17,000 and can choose a 0 down payment purchase option, the company said in a WeChat post today.

Li Auto said this is to celebrate the company's ninth anniversary. It currently sells the L-series of extended-range electric vehicle (EREV) models -- the Li L6, Li L7, Li L8, Li L9 -- as well as the all-electric Li Mega MPV (multi-purpose vehicle).

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The RMB 17,000 limited-time offer includes a limited-time gift package worth up to RMB 7,196, as well as previously available RMB 5,000 option fund and RMB 5,000 7-kW charging post.

The 0 down payment purchase option is new, and Li Auto said the annualized rate is as low as 2.5 percent, and the cost to consumers can be as low as RMB 154 per day.

Li Auto saw strong sales growth last year, achieving a record 50,353 vehicle deliveries in a single month last December.

However, it took a sharp turn for the worse after launching the Li Mega on March 1, delivering less than 30,000 units in both March and April.

In the second quarter, Li Auto delivered 108,581 vehicles, up 25.48 percent year-on-year and up 35.05 percent from the first quarter.

Li Auto is currently ramping up its charging infrastructure in preparation for the launch of more BEVs next year.

As of today, Li Auto has 618 supercharging stations offering about 3,000 charging piles, according to data compiled by CnEVPost. It aims to have more than 2,000 supercharging stations by the end of this year and 5,000 by the end of 2025.

The company had planned to launch three additional BEV models later this year, but they were pushed back to the first half of next year.

A sufficient number of self-operated supercharging piles are necessary for selling all-electric SUVs at this stage, Li Auto management said in a May 20 earnings call.