Li Auto launched its first all-electric model, the Mega, on Friday, aiming to capture a larger share in a high-growth segment of China’s fiercely competitive car market. CEO Li Xiang stated that CATL’s latest battery technology provides the 5.3-meter long multi-purpose vehicle with a driving range of 710 kilometers (441 miles) between charges and a quick 12-minute refuel for an additional 500 km range. With an exterior resembling the bullet-style look of China’s high-speed railway, the van boasts the largest cabin space among competitors, featuring an effective interior length of 3,791 mm, surpassing Toyota’s Alphard at 3,470 mm. The Beijing-based automaker plans a software update by June, enabling the vehicle to autonomously park and change lanes on Chinese expressways. Priced at RMB 559,800 ($77,756), the Mega is scheduled for delivery on March 11. Multi-purpose vehicle sales increased 15.9% YoY to around 1.1 million units last year, outpacing SUVs (10.3%) and sedans (0.4%), according to the China Passenger Car Association. Li Auto, having sold 376,030 extended-range hybrid EVs in 2023, aims to double deliveries with the launch of four battery EVs and one EREV model this year. [TechNode reporting]

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