The L7, IM Motors' first model, has been updated with its starting price cut by RMB 38,900, or 11.5 percent.

(Image credit: IM Motors)

SAIC Motor Corp's electric vehicle (EV) arm has launched the 2024 L7 sedan with a significantly lower starting price and upgraded features, at a time when competition in China's EV industry is intensifying.

IM Motors rolled out the refresh of its flagship sedan on February 24, offering four variants with starting prices of RMB 299,900 ($41,700), RMB 349,900, RMB 389,900 and RMB 419,900, respectively.

The model was previously offered in three versions with starting prices of RMB 338,800, RMB 368,800 and RMB 408,800.

This means that the starting price of the updated L7 has been reduced by RMB 38,900, or 11.5 percent.

IM Motors started delivering the L7 in June 2022, and the mid-size all-electric sedan is its first model.

The updated L7 measures 5,108 mm in length, 1,960 mm in width and 1,485 mm in height, and has a wheelbase of 3,100 mm, an increase of 10 mm in length over the old model.

The new L7 has been upgraded with intelligent features, smart driving and AI interaction, and comes standard with two LiDARs as well as one Nvidia Orin X chip.

The car is offered in a single-motor version and three dual-motor versions, the former having a rear motor with a maximum power of 250 kW. It has a maximum torque of 175 Nm and accelerates from 0 to 100 km/h in 5.9 seconds.

The dual-motor version has a front motor with a maximum power of 175 kW and a maximum torque of 250 Nm and a rear motor with a maximum power of 250 kW and a maximum torque of 175 Nm, and can accelerate from 0 to 100 km/h in 3.87 seconds.

The new L7 comes standard with a Li-ion ternary battery pack from CATL with a capacity of 90 kWh. The model has a CLTC range of 705 km for the single-motor version and 625 km for the dual-motor version.

In addition to the lower starting price, IM Motors is also offering a gift package worth up to RMB 63,800 for customers who order the updated L7 before March 31, including a RMB 2,000 payment to offset the purchase price of the car by RMB 10,000, and configuration upgrades valued at RMB 55,800.

IM Motors was founded on November 26, 2020 by SAIC, Zhangjiang Hi-Tech and Alibaba, with SAIC holding a majority stake.

Its second model is the LS7 SUV, and its deliveries started in March 2023. The third model, the LS6, was launched on October 13, 2023, with deliveries starting at the end of October.

The company is about to launch another model, the L6, an all-electric sedan that made it into China's Ministry of Industry and Information Technology (MIIT) model catalog last month.

IM Motors' fifth model will feature extended-range technology, local automotive media outlet Cheshi said in a February 22 report, citing the EV maker's co-CEO Liu Tao.

($1 = RMB 7.1959)

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