Li i9 at RMB369,800: who loses orders first?

On the evening of September 16, Li Auto launched the six-seat battery-electric i9 SUV at a standard price of RMB369,800. Its investor announcement says deliveries begin this week. It is the first flagship on Li Auto’s second-generation battery-electric platform, entering real order competition immediately after launch.^[1][2]

One fact can be obscured by the description “a single Home version”: one version does not mean no options. The dual-Mach M100 embodied-intelligence package has an introductory price of RMB20,000, and the Home theater audio package costs RMB10,000 at launch. Dimming glass and a table are among other options. Adding the first two takes the car to RMB399,800, before insurance, taxes and other on-road costs.^[3]

The i9 therefore competes in two ways: the RMB369,800 base car targets practical family budgets, while an optioned car near RMB400,000 faces premium EV flagships directly. Assigning all of the optioned car’s capabilities to the base price exaggerates its value advantage.

Conclusion one: it has a business job to do

Li Auto delivered 98,330 vehicles in the second quarter of 2026, down 11.5% year on year. Revenue fell 15.1% to RMB25.7 billion.^[4] Revenue falling faster than deliveries indicates a challenge beyond simply selling fewer cars. Model mix, revenue per vehicle and other revenue streams can all contribute; dividing total revenue by deliveries does not establish the average transaction price.

Against that background, I see the i9 as a core volume contender in a higher price band: broadening Li Auto’s EV customer base while preserving its presence in family flagships. Moving existing buyers from one Li Auto model to another is insufficient. The company needs families who had intended to buy NIO, AITO or XPENG to enter its stores.

Conclusion two: charging investment has a broader product base to support

At the end of August, Li Auto disclosed 4,162 operating supercharging stations with 22,939 charging stalls.^[5] That gives an electric flagship a more complete operating foundation than a car launch alone. However, the station count does not mean every customer’s usual routes are convenient, or that every stall can achieve the advertised peak charging speed.

My judgment is that the i9 should first target families with reliable charging access who mainly drive in cities and on well-served highway routes. For them, charging constraints are easier to manage, allowing quietness, space and driving experience to carry more weight. For frequent remote long-distance travel, more superchargers do not directly remove the appeal of refueling.

Conclusion three: RMB369,800 lowers the flagship entry threshold

Li Auto calls it a flagship but places the base price below RMB400,000. My reading is that it is actively expanding the range of reachable budgets rather than relying solely on the flagship label to earn a premium. The trade-off is clear: rich equipment and a lower price jointly test the cost structure. Rising sales alone would not establish improving profitability.

First priority: combine space with everyday usability

Launch information lists a length of 5,225mm, width of 1,970mm and wheelbase of 3,168mm. Steer-by-wire, rear-wheel steering and dual-chamber, dual-valve air suspension are standard; the announced minimum turning radius is about 5.3m.^[2] Their value lies in trying to reduce the burden of using a large family car.

The whole family may need six seats, but one person may bear most of the driving and parking burden. Rear-wheel steering has direct relevance to tight turns and underground garages, while managing width helps in narrow spaces. It is still a 5.2-meter vehicle: agile turning does not lengthen a parking bay or create more room to open the doors.

These technologies should not be presented as unique to the industry. The real comparison is whether the combination reduces compromises for third-row passengers, the driver and whoever helps people get in and out. The most useful test drive is not one acceleration run: bring the family, park, get everyone in and out, and load the luggage.

Second priority: efficiency can amplify charging benefits

Launch materials specify a 101kWh battery, 705km of CLTC range and 5C supercharging, with a claimed “500km in 10 minutes.” These are manufacturer figures under specified conditions, not independently measured highway or winter results.^[2]

The product logic matters more than the peak number. Lower consumption delivers more usable distance from the same energy and requires less charging on a given route. A family EV flagship seeking a better long-distance experience must improve both vehicle efficiency and its charging network. A larger battery alone is insufficient.

Nor does 5C mean charging anxiety is over. Power depends on the charger, battery temperature and state of charge; detours, queues and the charging taper also matter. My conclusion: the i9 narrows the practical barriers to EV use on mature routes, but does not replace the route flexibility of a range-extended car.

Third priority: the Home cabin stands out, but value varies by family

Four zero-gravity seats, rotating second-row seats and a powered sliding third row are key space features in the launch materials.^[3] They bring resting, caring for children and conversations while parked into the product concept, creating more distinction than simply adding another screen.

More seat positions do not mean all six occupants can simultaneously enjoy their ideal configuration. Rotation, reclining, tables and luggage space still constrain one another; permitted uses depend on the owner’s manual. Families that camp only occasionally should not mistake an infrequent demonstration scenario for a core daily benefit.

My value ranking is normal third-row seating and luggage space, everyday driving, charging, and only then special seating modes. The best sales demonstration fills the car with child seats, older family members and luggage, rather than showing one person reclining comfortably.

Driver assistance: no victory awarded yet

Chip counts and sensor specifications establish hardware provision, not comparative performance on the same roads with comparable software. The dual-chip package is also optional. Greater investment is evident; superiority over every rival is not. A manufacturer’s model name must not be equated with driving that no longer needs supervision.

This is a firm assessment: until independent testing is available, I do not count driver-assistance leadership among the i9’s established advantages, or give full credit for future promises.

The ranking considers budget proximity, powertrain needs and overlapping family use. It assesses competition for new orders, not a prediction that a model’s sales will fall by a specified number.

ES8: direct pressure, but swapping still differentiates

NIO announced this generation’s six-seat Executive Luxury ES8 at RMB406,800 with the battery purchased, or RMB298,800 under BaaS.^[6] The outright entry-price gap versus the base i9 is RMB37,000. Add the i9’s two packages, however, and it falls to RMB7,000. These are published list prices, not current like-for-like negotiated offers.

The easiest customers for the i9 to win are families that do not rely on battery swapping and have no strong attachment to NIO. Buyers who treat swapping as essential are harder to persuade with price alone. BaaS also does not mean owning both car and battery for RMB298,800: long-term comparisons must include rental payments and exit terms.

M8 BEV: a more direct rival than the range-extended M9

AITO’s M8 configuration page lists six-seat battery-electric models alongside range-extended versions.^[7] For buyers already committed to a BEV and focused on family comfort, the i9 becomes a direct option. Substitution is harder for customers who specifically need range extension or strongly prefer the HIMA experience.

That is why “a threat to AITO” is too broad. M8 BEV family orders face the first pressure; the range-extended M9 has more protection from long-distance needs and its higher price band. The operating-responsibility changes discussed in our previous issue are also not evidence that AITO’s product experience has deteriorated.

GX: a direct competitor that cannot be ignored

XPENG has already launched the GX as a six-seat flagship with both battery-electric and range-extended powertrains.^[8] This is not an empty market waiting for the i9. To win GX buyers, Li Auto must demonstrate why its organization of family space and everyday experience deserves the choice, rather than merely offering intelligence and comfort equipment too.

My judgment is that they will compete for similar technology-minded families, but there is no basis for declaring a one-sided i9 victory. XPENG must respond through test drives and actual transaction pricing; Li Auto must show that its family-brand reputation translates into willingness to pay.

The overlooked competition is inside Li Auto

Switching brands requires renewed trust; moving between models in the same showroom involves less friction. I expect the i8 to face internal comparison first, while some L9 buyers with home charging and little long-distance driving will reconsider. That is not inherently bad: serving existing customers’ move to electric is better than losing them to rivals.

But strong i9 sales would not mean an equal increase in total Li Auto sales. Success must be judged through company-wide deliveries and product mix, not by presenting lost i8 or L9 orders separately from new i9 orders. The flagship’s business value ultimately depends on incremental customers and operating results.

L90 and MPVs: clearer boundaries than they first appear

ONVO’s website currently lists the L90 from RMB265,800 including battery ownership, RMB104,000 below the base i9.^[9] This is not an equipment-matched comparison, but it establishes different entry budgets. The i9 is unlikely to substitute directly for a buyer capped below RMB300,000; it is more likely to affect higher-spec customers already considering a stretch.

The XPENG X9 is a seven-seat MPV.^[10] For families needing a seventh seat or valuing sliding doors, the i9’s space claims cannot supply the missing seat or door format. It may win people considering an MPV reluctantly for space, rather than all MPV buyers.

The i9 can become a significant contender in premium family EVs; I do not expect it to capture the entire six-seat market. Its strength combines Li Auto’s familiar family needs, electric-vehicle space and a lower flagship entry price. Limits remain: BEV use has practical boundaries, some headline equipment costs extra, and real driving behavior has not received sufficient comparative testing.

For a family with reliable charging, a budget of RMB370,000–400,000 and a clear preference for a six-seat BEV, I would put the i9 among the first three test drives, directly against the ES8 and M8 BEV. Add the GX if technology and price carry more weight. I would not recommend changing course purely because of this launch if the family frequently drives long routes with weak charging coverage or has a firm budget below RMB300,000.

Three kinds of evidence could change my judgment: fully loaded highway consumption and charging tests, several months of sustained deliveries, and Li Auto’s overall sales and vehicle gross margin. The first tests product promises, the second tests lasting demand, and the third distinguishes new growth from internal substitution. Launch-night attention cannot replace those results.