On Monday, BofA Securities revised its share price target for NASDAQ:LI, the stock of electric vehicle manufacturer Li Auto (NASDAQ:LI), to $55 from the previous $60 while sustaining a Buy rating on the shares. The adjustment follows the launch of Li Auto's updated 2024 models, including the Li L7, L8, and L9, which now boast enhanced functions and features as of March 1.
Li Auto has also announced the upcoming introduction of new versions for the 2024 Li L7 and L8 models. These iterations, named L7 Air and L8 Air, will feature coil springs and CDC dampers in their suspension systems. The company has scheduled the start of deliveries for these models in May.
The pricing for the new L7 Air and L8 Air models has been set at RMB301.8k and RMB321.8k, respectively. This represents an RMB18k reduction from the previous entry-level versions of these vehicles. The move to lower prices is part of Li Auto's strategy to make their electric vehicles more accessible to a broader range of customers.
In a bid to further incentivize early adopters, Li Auto is offering an additional RMB5k cash subsidy to customers who place an order for any 2024 L-series model before the end of March. This promotion is likely aimed at boosting sales and customer interest in the newly refreshed lineup.
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