Investment Rating - The report assigns an investment rating of "Positive" for the automotive industry, indicating an expected overall return exceeding the benchmark index by more than 10% [5]. Core Insights - The launch of the Li Auto i8 and the Ledo L90 fills a gap in the market for three-row pure electric SUVs, with both models positioned in price segments that currently lack sufficient supply [3][10]. - The Li Auto i8 features a design similar to an MPV and incorporates advanced AI technology for vehicle control, while the Ledo L90 emphasizes spaciousness with a notable 240L front trunk [2][10]. - The report anticipates a recovery in sales for the 30-40 million RMB pure electric SUV segment, projecting annual sales of approximately 200,000 units in 2025, with a penetration rate of around 20% [10]. - The 20-30 million RMB segment is expected to see a slight increase in sales to about 860,000 units in 2025, driven by the competitive pricing of the Model Y and the introduction of new models [10]. Summary by Sections Market Overview - The 30-40 million RMB pure electric SUV market saw sales of 164,000 units in 2024, a decline of 18%, with a penetration rate of 17%, lower than the overall new energy vehicle penetration [10]. - The 20-30 million RMB segment experienced a significant increase in sales, reaching approximately 847,000 units in 2024, a growth of 203%, with a penetration rate of 31% [10]. Competitive Analysis - Both the Li Auto i8 and Ledo L90 rank first in their respective price segments based on a comprehensive value-for-money scoring model that considers various performance metrics [10]. - The marketing strategies for both vehicles are crucial, with the Ledo L90 positioned as a more affordable alternative to the Li Auto i8, which may influence consumer purchasing decisions [10]. Sales Projections - The Li Auto i8 is expected to achieve monthly sales of approximately 5,000 to 6,000 units, totaling 20,000 to 30,000 units in 2025, while the Ledo L90 is projected to sell around 50,000 units in the same year [10].