CITIGROUP research note: Li Auto (02015.HK) launched the updated L8 overnight; the model adds capabilities but discontinues a six‑seat option. Citigroup estimates debut‑month orders around 8,500, settling to monthly sales of 5,000–6,000 driven by trade‑up demand. BYD (01211.HK) unveiled the revised Denza N8L overnight; price is up RMB20,000 versus the previous model, reflecting a larger battery (72.26 kWh) and a 430 km pure‑electric range, with features otherwise similar; projected monthly sales

CITIGROUP research note: Li Auto (02015.HK) launched the updated L8 overnight; the model adds capabilities but discontinues a six‑seat option. Citigroup estimates debut‑month orders around 8,500, settling to monthly sales of 5,000–6,000 driven by trade‑up demand. BYD (01211.HK) unveiled the revised Denza N8L overnight; price is up RMB20,000 versus the previous model, reflecting a larger battery (72.26 kWh) and a 430 km pure‑electric range, with features otherwise similar; projected monthly sales ~3,000–4,000. The bank judges market reaction neutral and says investors will remain focused on June EV retail sales.