Li Auto of China is aiming for the first all-electric vehicle.

 Li Auto of China is aiming for the first all-electric vehicle.

FILE PHOTO: People stand near the logo of Chinese electric vehicle (EV) maker Li Auto at a product launch event in Beijing, China May 25, 2021. Picture taken May 25, 2021. REUTERS/Yilei Sun/File Photo

BEIJING: The first all-electric model MEGA multi-purpose vehicle (MPV) from Li Auto was formally shown on Friday. According to founder and CEO Li Xiang, the MPV is expected to become the company's best-selling vehicle among automobiles costing more than half a million yuan.

Despite a protracted price war in the industry, the business also showed some more expensive new versions of its current L series and revealed intentions to invest at least 6 billion yuan ($833.6 million) in the next few years to construct more than 5,000 directly run 5C charging stations.

Li claims that the new family flagship MEGA Max is the fastest-charging mass-produced vehicle. It costs 559,800 yuan, and deliveries begin on March 11.

Because of its streamlined bullet-style design, the MEGA is called the "highway bullet train" by the business. It can cover 500 kilometers (311 miles) on a single charge in 12 minutes.

The EV firm also unveiled the L7, L8, and L9, three new hybrid SUV models in its L series. Prices for the updated L7 Pro and L8 Pro were increased by 2.9% and 2.8%, respectively.

In contrast, the local heavyweight BYD and the US EV behemoth Tesla have both entered a longer-running price war.

Li Auto, which debuted its first all-electric model at the Guangzhou auto show in November, made its formal debut on Monday after the nine-year-old automaker exceeded expectations for its fourth quarter profitability and revealed its 2023 marks the first year of profitability.

The business predicted that first-quarter car sales would be between 100,000 and 103,000, up 90.2-95.9% from the same period last year but down 21.9-24.1% from the prior quarter.

Founder Li also stated during the ceremony on Friday that "our goal is to, within three years, enable all staffers at Li Auto factories to get paid at the same levels that that in developed industrial nations such as Japan and Germany."

According to Li, the company pays 30% more for frontline employees at its facilities in Beijing and Changzhou, including recent graduates and ex-servicemen, than the average wage for the local factory sector.

$1 is equal to 7.1980 Chinese Yuan.