Denza said the 2024 D9 received 11,287 firm orders in the first 12 hours after its launch. Li Auto, on the other hand, has not announced orders for the Li Mega, and its shares have been down about 18 percent since the MPV’s launch.
(Image credit: Denza)
Showcasing initial orders is a key marketing tool used by Chinese electric vehicle (EV) makers after the launch of a new model.
Those that show orders are usually the ones that get a good performance from the new model, while those that are silent are likely to see disappointing results.
The updated D9 from BYD‘s (HKG: 1211, OTCMKTS: BYDDY) premium Denza brand and Li Auto’s (NASDAQ: LI) Li Mega are two of the most talked about MPVs (Multi-Purpose Vehicle) recently in China, but they seem to have different fates.
The 2024 Denza D9 received 11,287 firm orders in the first 12 hours of its launch, Denza announced on Weibo today.
Denza rolled out the updated D9 at a launch event that began at 7 pm Beijing Time on March 6, continuing to offer the D9 DM-i, which is equipped with BYD’s hybrid technology, and the all-electric D9 EV.
The seven-seat Denza D9 DM-i is offered with five options and has a starting price of RMB 339,800 ($47,200). The seven-seat D9 EV offers three options with a starting price of RMB 379,800.
The D9 DM-i’s latest price is RMB 10,000 lower than its predecessor, and the D9 EV’s starting price is RMB 16,000 lower.
The model is also available as a four-seat, hybrid D9 Pioneer option, with a starting price of RMB 606,000 for the 2024 model, down from RMB 660,000 for its predecessor.
Li Auto officially launched the Li Mega on March 1, its first battery electric vehicle (BEV) model.
The Li Mega is currently only available in the Max trim, with a starting price of RMB 559,800, making it Li Auto’s most expensive model currently on sale.
(Image credit: Li Auto)
Although Li Auto’s management has repeatedly emphasized that the company is confident that the Li Mega will be the number one seller in the Chinese market for models priced at more than RMB 500,000, the Li Mega’s initial performance appears to be disappointing.
Li Xiang, Li Auto’s founder, chairman and CEO, said on Weibo on February 29 — the day before the Li Mega’s launch — that the number of customer orders from those who paid RMB 5,000 to reserve the Li Mega had far exceeded the 2022 Li L9’s performance over the same period.
However, as of now, neither Li nor his company has shared the number of firm orders for the Li Mega after its official launch on March 1.
Li, who was previously active on Weibo, has also not published any new Weibo posts or shared anything since March 2.
While Li Auto has not released order figures for the Li Mega after its launch, information from several third-party channels suggests that orders are lower than what was previously widely expected, local media outlet Jiemian said in a report yesterday.
Several automotive bloggers recently suggested on Weibo that the Li Mega had less than 4,000 firm orders in the first 72 hours after its launch.
The Li Mega was set to challenge monthly sales of 8,000 units after its launch, a Li Auto executive said in a January 12 interview with local media.
Li Auto’s Hong Kong-traded shares have fallen about 18 percent since March 1, likely due to concerns that Li Auto’s first effort in the BEV market has fallen short of expectations.
At press time, Li Auto was down 4.44 percent to HK$146.2 in Hong Kong, nearly wiping out gains made on February 26, the day of its strong earnings report.
($1 = RMB 7.1984)
