The co-founder and president of the electric car startup Li Auto is entering the price war with German car manufacturers in the Chinese market.
(Photo: Li Auto)
Beijing Audi, BMW and Mercedes will have to “significantly lower” their prices in China over the next two years in order to keep up with the increasingly fierce competition. The co-founder and president of the electric car start-up Li Auto, Shen Yanan, said in an interview with the Handelsblatt.
Li Auto is one of the emerging Chinese electric car startups. The company unveiled its second model, the L9 hybrid SUV, at the end of June, which is said to be an alternative to the BMW X7 and Mercedes GLS. While the L9 is available from the equivalent of around 68,000 euros, the models mentioned by the German competition cost around 168,000 to 190,000 euros.
Chinese customers are still willing to pay a premium for a German product, but not more than twice as much. Shen is therefore convinced that the German premium manufacturers will also have to offer their locally produced SUVs for less than 74,000 euros in the future. Especially since the Chinese competition is also technically overtaking.
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