Li Auto will launch its first BEV model, the Li Mega, as well as the 2024 L-series EREVs at the event.

(Image credit: Li Auto)

Li Auto (NASDAQ: LI) has announced the start time for its upcoming product launch event, as its highly anticipated first battery electric vehicle (BEV) model is set to go on sale.

Li Auto's Spring 2024 launch event will begin at 3:00 pm Beijing Time (2:00 am US Eastern Time) on March 1, the company announced today.

At the launch, Li Auto will roll out the Li Mega, a flagship family MPV (Multi-Purpose Vehicle) model, as well as the 2024 L-series models, it said.

Li Auto currently sells three models -- 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.

The EREV maker had originally planned to launch the seven-seat MPV in December 2023, but announced on December 31 that it expected to officially launch the Li Mega on March 1 and begin deliveries in early March.

Li Auto unveiled the Li Mega on the first day of the Guangzhou auto show on November 17, 2023 and started accepting pre-orders.

Li Auto did not announce a pre-sale price range for the Li Mega at the time, stating only that the model's official price would be under RMB 600,000 yuan ($83,400).

Li Auto is confident that the Li Mega will become families' preferred model priced above RMB 500,000, as the company has repeatedly said before.

Notably, Li Auto's local counterpart Xpeng (NYSE: XPEV) launched the Xpeng X9 on January 1, with a starting price of just RMB 359,800 for the all-electric MPV, and has already started deliveries last month.

The Xpeng X9's lower price and strong smart driving capabilities are posing uncertainty for the future of the Li Mega.

Li Auto posted several new images of the MPV on Weibo yesterday, continuing to warm up the model.

On January 11, Li Auto announced it will update the configuration of its L-series models, with the 2024 models set to be released and deliveries to begin in March.

Li Auto said at the time that it was offering purchase incentives for the 2023 models, without mentioning the exact amount, while local media said the incentives were in the range of RMB 35,000 to RMB 38,000.

Li Auto delivered 376,030 vehicles for the full 2023 model year and plans to challenge annual sales of 800,000 units in 2024.

($1 = RMB 7.1957)

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