On May 19, Chinese automotive media outlet Che Fans released a frontline sales report covering the first 72 hours following the launch of the updated Li Auto L9. However, based on the current pace of locked orders, overall demand still appears relatively cautious, falling short of the blockbuster-level growth previously anticipated by the market. Notably, capital market reaction to the updated model has also remained conservative. Li Auto shares listed in Hong Kong closed down 14% yesterday, leading declines among Chinese EV makers. Data showed that Li Auto dealerships nationwide averaged around 20 new firm orders per store, while showroom traffic increased by roughly 30%. Conversion rates reportedly reached around 50%. As display vehicles and test-drive cars had already been distributed to stores ahead of launch, many dealerships across major cities experienced a noticeable surge in customer traffic during the first weekend after launch. Updated Li L9 order performance metrics Regionally, the highest concentration of orders currently comes from Shandong, Hebei, Beijing, Guangdong and Zhejiang provinces, with demand still primarily concentrated in first- and second-tier cities. From a customer profile perspective, buyers of the new L9 are noticeably younger than those of the previous model, with the core demographic concentrated between 35 and 42 years old. Male buyers account for roughly 90% of orders. Previously, many Li Auto L9 customers primarily focused on family-oriented multi-passenger use cases. However, following the launch of the updated model, demand for personal and self-driving usage scenarios has increased significantly. At the same time, trade-in and repeat purchases from existing Li Auto owners also exceeded dealer expectations. Many test-drive customers reportedly gave particularly positive feedback regarding the new active suspension system. Version selection for the new Li L9’s order performance In terms of trim selection, the lower-priced Livis version has become the dominant choice, accounting for nearly 90% of total orders, while the Ultra version represents only around 10%. Many customers believe the Livis offers stronger value for money. Compared with prior expectations, its pricing came in roughly RMB 30,000 ($4,410) lower while retaining key features including the 800V platform, active suspension system and solid-state LiDAR. For color choices, the brown-and-gold two-tone exterior has emerged as the most popular option, while the green-and-white dual-tone interior has become the top interior choice. Meanwhile, the take rate for optional electrically dimmable glass for the second and third rows has reached around 50%. Competing models for the new Li L9’s order performance In terms of competing models, customers are currently cross-shopping mainly against the Nio ES9 (30%), Aito M9 (20%) and Zeekr 9X (10%). Among them, as the updated M9 has not yet officially arrived at dealerships, comparisons are currently focused more on specifications and perceived luxury. The ES9 is attracting more first-time buyers, while interest in the Zeekr 9X appears closely tied to dealership network coverage. Li L9 Livis at Li Auto’s offline store The all-new generation Li Auto L9 officially launched on May 15, with starting prices of RMB 459,800 ($67,640) for the Livis version and RMB 509,800 ($74,990) for the Ultra version. Li Auto has not yet officially disclosed specific order figures for the new L9. However, the Li Auto app currently shows delivery lead times for the Livis version extending to 6–8 weeks. According to estimates from Che Fans founder Sun Shaojun, based on Li Auto’s nationwide network of roughly 500 stores, locked orders for the new L9 may have already reached between 8,000 and 9,000 units during its first launch weekend.
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