Most of the price cuts for Li Auto's L-series models are RMB 20,000, and the Li Mega saw the biggest drop at RMB 30,000.

Li Auto (NASDAQ: LI) has drastically cut the prices of its entire model range except for the newly launched Li L6, and is the first local automaker to follow suit after Tesla (NASDAQ: TSLA) cut its prices yesterday.

Li Auto today announced that the 2024 Li L7, Li L8, Li L9, and Li Mega will begin offering the new pricing for new customers as well as those who have already ordered but have not yet taken delivery.

Most of the price reductions for the L-series extended-range electric vehicle (EREV) models are RMB 20,000, with only two Pro models reduced by RMB 18,000.

Following the price cuts, the Li L7 starts at RMB 301,800, the Li L8 at RMB 321,800 and the Li L9 at RMB 409,800.

The company's first battery electric vehicle (BEV) model, the Li Mega, saw the biggest reduction at RMB 30,000, with a starting price of RMB 529,800, down from RMB 559,800.

The price of the Li L6, which only went on sale on April 18, remains unchanged at RMB 249,800 and RMB 279,800 for the two variants, respectively.

Li Auto is offering cash refunds to customers who recently took delivery of the 2024 Li L7, Li L8, Li L9, and Li Mega, according to the company.

Tesla yesterday cut the prices of its entire lineup of models in China by RMB 14,000, at a time when competition in the Chinese EV market is getting fiercer.

Li Auto launched the Li Mega along with the 2024 L-series EREVs on March 1.

The Li Mega, as well as the updated models, seem to have met with tepid reception, and Li Auto founder, chairman, and CEO Li Xiang reflected on this in an internal letter dated March 21.

Tesla cuts prices across its entire lineup in China