CITIGROUP research note: Li Auto (02015.HK) launched the updated L8 overnight;
the model adds capabilities but discontinues a six‑seat option. Citigroup
estimates debut‑month orders around 8,500, settling to monthly sales of
5,000–6,000 driven by trade‑up demand. BYD (01211.HK) unveiled the revised Denza
N8L overnight; price is up RMB20,000 versus the previous model, reflecting a
larger battery (72.26 kWh) and a 430 km pure‑electric range, with features
otherwise similar; projected monthly sales ~3,000–4,000. The bank judges market
neutral reaction and says investors will remain focused on June EV retail sales.
