$Li Auto(LI.US)'s deliveries can be interpreted from two points. The reduction in extended-range models is normal, as the product cycle is nearing its end. The current product strength combined with the price will pose significant challenges even for the L6 in the second half of the year. The market has already made its choice regarding this decline.

I don't think the pure electric part is as bad as imagined. The i8 is no longer a volume driver; its core task is to absorb the volume of L7 and L8, preparing for the SKU reduction in extended-range models.

Li Auto's growth driver next year will rely on pure electric models. The current organizational structure makes it difficult for the extended-range product strategy to adapt to multi-front operations. Even if they update the range to 400 kilometers, the Apple-like product approach will quickly hit its limit. Cars are not high-frequency replacement items, and the novelty of minor iterations won't last more than five years.