Nio on Saturday revealed its second fully electric premium sedan model ET5 to reach a larger customer base.
L9 will be the second production model from Li Auto and the Chinese EV maker appears to be confident that it becoming a hit.
Xpeng, Li Auto, and Nio are downsizing as rising costs of raw materials and supply chain disruptions cut into profit margins.
There might be greater supply than demand in the Chinese EV market this year, UBS analyst Paul Gong said.
Li Auto is the latest US-listed Chinese tech firm seeking a dual listing in Hong Kong. Its Hong Kong debut met with a lukewarm response.
Chinese EV sales reported robust figures in January. Tesla ended 2021 with a solid profit performance. CATL retained its competitive lead.