$Li Auto(LI.US)'s inability to manage price expectations for new products is not a good thing for the domestic automotive market. It indicates that the core competitive advantage of new energy vehicles with medium-to-high customer unit prices is no longer the product itself but the sales channels. The paradigm of the gasoline car era is making a comeback. A brand that has diversified its sales channels in advance（CE/offline agents/online direct sales/third-party platforms）can leverage its multi-touchpoint advantage to challenge your product strategy in flexible areas such as exposure, rights, and services. However, there has never been a precedent where a single blockbuster product could fully open up all channels. Or to put it another way, if all channels were opened up, Li Auto's cash position at this moment might not be much better than its new force competitors. Reducing product costs would only worsen the problem. It's caught in a dilemma: spending money isn't the answer, and not spending money isn't the answer either.