LI AUTO(US:LI) Hua Er Jie Jian Wen·2025-09-29 01:36Core Insights - Li Auto's pricing strategy for the newly launched i6 model is conservative, with a starting price of 249,800 RMB, which is on par with the L6 Pro and only 30,000 RMB lower than the L6 Max, potentially leading to another "slow-start" product [1][3] - Morgan Stanley maintains a positive outlook on Li Auto, projecting a target price of 139 HKD, indicating a 39% upside from the current stock price, despite the conservative pricing strategy [1] Pricing Strategy - The i6 faces intense competition in its price range, with competitors including Xiaomi YU7 (254-330k RMB), Tesla Model Y (264-314k RMB), AITO M7 (250-380k RMB), Xpeng G7 (196-226k RMB), Onvo L60 (207-256k RMB), and ZEEKR 7X (230-270k RMB) [3][4] - The i6's pricing is positioned at a mid-level compared to its competitors, which may impact its market penetration [3] Product Features - The i6 offers both rear-wheel and all-wheel drive versions, equipped with the AD Max intelligent driving system based on Nvidia Thor chip, lidar, and 5C charging capabilities [5] - The model boasts a competitive CLTC range of 720 km and a wheelbase of 3,000 mm, which are attractive features in its segment [5] Market Expectations - Li Auto's founder, Li Xiang, claims the i6 will be the most competitive product in the large five-seat SUV market, highlighting its core advantages such as the VLA intelligent driving system, performance, interior space, and unique design [5] - Morgan Stanley forecasts that the i series (i6 + i8) will contribute over 50,000 units in sales by 2025, with expected monthly sales of over 6,000 units for the i8 and over 8,000 units for the i6 in Q4 [5]