(Yicai Global) Feb. 9 -- Li Auto, a Chinese new energy vehicle maker, has launched the L7, its first five-seat sport utility vehicle, priced at a minimum of CNY319,800 (USD47,129).

The hybrid vehicle comes in three versions, namely Air, Pro, and Max, priced from CNY319,800 to CNY379,800, the Beijing-headquartered company announced yesterday. Moreover, the firm released a more affordable version of the L8 with a price tag of CNY339,800 on the same day.

The L7 Pro and L7 Max will start deliveries on March 1. The L7 Air and L8 Air with the lowest configurations will be available in early April. The L7 comes with a cruising range of 210 kilometers with pure electric drive based on the China light-duty vehicle test cycle and a comprehensive cruising range of 1,315 km.

The L7 and L8 will directly compete with Huawei's Aito M7 and Xpeng Motors' G9 and may even attract some potential buyers of Tesla’s Model Y, according to analysts. Customers who have placed L7 orders are mainly users of Model 3s and Model Ys who want to replace their existing cars, Li Auto Chairman Li Xiang said.

In the fourth quarter, Li Auto will start testing its AD Max autopilot system, according to Lang Xianpeng, head of intelligent driving. The firm's smart driving range has exceeded 510 million km, including a navigate-on-autopilot range of almost 87.9 million km. 

Li Auto currently has two models L9 and L8 on the market. In January, the firm delivered more than 15,140 vehicles, up by 23 percent from a year ago. Last year, the company delivered 133,250 cars, rising by 47 percent.

This year, Li Auto expects to sell 250,000 vehicles or if things go well, even as many as 300,000 vehicles, BOCOM International Holdings said in a recent research report. With the gradual retreat of government subsidies, it will be difficult for pure electric vehicle companies to compete in 2023, the financial service provider added. 

Editor: Emmi Laine, Xiao Yi