Xpeng, Li Auto, and Nio are downsizing as rising costs of raw materials and supply chain disruptions cut into profit margins.
L9 will be the second production model from Li Auto and the Chinese EV maker appears to be confident that it becoming a hit.
Chinese EV sales reported robust figures in January. Tesla ended 2021 with a solid profit performance. CATL retained its competitive lead.
There might be greater supply than demand in the Chinese EV market this year, UBS analyst Paul Gong said.