Balanced Outlook for Li Auto Amid Competitive Pressures and Strategic OpportunitiesWe believe i6 stands out from peers with (i)large space, (ii)attractive pricing of Rmb239.8k(before 31-Oct), and (iii) standard configuration of AD Max, air suspension, refrigerator and electronic suction door system(before 31-Oct). The only shortcoming of i6 is that to select a 4- wheel-drive version requires extra money (Rmb20k). Order: We estimate i6’s big order has exceeded 45k (delivery time of 5-9 weeks per company website), close to FY25 production capacity of 45-50k (Oct~13k/Nov~23k/Dec~25k). Also, the company has produced 7k units in advance before product launch, with initial delivery potentially to be strong. Sales forecast: We believe i6’s mature monthly sales could be 9- 10k units without diluting i8 or 10-15k with i8 dilution. However, due to strong industry competition, we expect i6’s model cycle life spin could be short.