Lee Auto Mega
It’s time to explore the newcomers on China’s wholesale charts. This month we will have 8 new models in our dealerships, 7 of them Chinese. This once again illustrates the dynamism of domestic brands compared to foreign ones. To fully understand the scale of the Chinese market, be sure to check out our exclusive guide to all 184 active Chinese brands.
1. LI Auto Mega (3229 sales)
LI Auto is one of the success stories of the last few years. Launched in January 2020, the brand has achieved a stellar 50,354 sales in December 2023 alone. And this is with SUVs of a very similar design: L7, L8 and L9. The new Mega MPV stands out from the rest of the lineup, revealing a very minimalistic and radical design in the style of the Tesla Cybertruck. Like all other LI models, the Mega is an EREV (Extended Range EV) that uses the ICE motor to charge the batteries or power the e-motor only, it is not connected to the wheels. It seats 7 people in a 2+2+3 configuration and is 5.35m long. There are many seat combinations available for different sitting and sleeping options. The Mega is equipped with two 400 kW electric motors and a triple 102.7 kWh battery pack from CATL. The power reserve is 710 km.
Mega’s claim to fame is its ultra-fast charging time: 10% to 80% in 11 minutes. This makes it the fastest charging vehicle currently in production. There are two large digital screens in the cabin: one for the infotainment system and one for the passenger. The Mega doesn’t come cheap: 559,800 yuan (72,760 euros or $77,300 US). For reference, the L9, the brand’s previous flagship, costs between 429,800 and 459,800 yuan. It will compete with the likes of the Denza D9 (RMB 339,800 – 660,000), Xpeng X9 (RMB 359,800 – 419,800) and Zeekr 009 (RMB 500,000 – 588,000). All Li models peaked last December: L7 – 20,428, L8 – 15,013 and L9 – 14,913. These are all very respectable figures, and the more expensive Mega would be considered a success for much less money.
Success bar: 6,000 sales per month.
2. TANK 700 (2235 sales)
Spun out of WEY and forming its own full-fledged hardcore 4×4 brand in January 2021, TANK has proven to be a very successful venture for Great Wall. For all of 2023, 137,425 units were sold, with 2024 volumes up 65.9% in three months. The 700 is the brand’s fourth model after the 300, 400 and 500. Its full name is 700 Hi4-T, which stands for PHEV. It is equipped with a 3.0-liter twin-turbocharged V6 engine producing 360 hp. in combination with an electric motor with a total power of 517 hp. and a 9AT gearbox. There is also an ICE version yet to be released, which may be reserved for overseas markets. It is 5.11 m long but can accommodate only 5 people.
The exterior is very bulky and quite intricate, with large wheel arches and a spare wheel mounted on the rear door. There is also an extra roof spoiler. Prices for the 700 range from 428,000 to 700,000 yuan (55,600–91,000 euros or $59,100–96,700 US). By comparison, the Tank 500 is available from RMB 335,000 to RMB 395,000, so the 700 is clearly higher and can compete on price with models like the recently launched AITO M9 (RMB 469,800 to RMB 569,800). In terms of sales prospects, the Tank 300 peaked at 11,958, the 500 at 5,536 and the 400 at 4,586. The 700 is significantly more expensive, so its bar for success is relatively low.
Success bar: 4000 sales per month.
3. BYD Yuan UP (1517 sales)
BYD needs no introduction, it was simply the best-selling automaker in China for all of 2023, overtaking Volkswagen. Not resting on its laurels, the brand continues to release new models at an unbridled pace. The last to leave the factory was the Yuan UP, and just three days after its launch it received 20,000 orders. This is the third model under the Yuan nameplate after PLUS and Pro. The UP is 4.31 meters long and fits in with other BYD models of the same size, there is nothing innovative about it. I don’t think you will change the winning formula.
Inside, there’s an 8.8-inch instrument panel, a 12.8-inch infotainment screen, and an 8-inch head-up display. They are relatively small by today’s Chinese standards. But there are no physical buttons. Two versions are available: one with a range of 301 km and one with a range of 401 km. And again, modest figures. Charging from 30% to 80% takes 30 minutes. Yuan UP is priced between RMB 96,800 and RMB 119,800 (EUR 12,600 – EUR 15,600 or USD 13,400 – 16,500). In comparison, the Yuan Plus, aka Atto 3, is available at prices ranging from 119,800 to 163,800 yuan, and the Yuan Pro is available from 95,800 to 113,800 yuan. Yuan Pro peaked at 10,093 sales while Yuan Plus has a best of 30,788 units, so we would want Yuan UP to be in between to call it a success.
Success bar: 15,000 units per month.
4. Wuling Bingo Plus (1375 sales)
Launched a year ago in March 2023, Wuling Bingo EV achieved an impressive sales of 27,458 units in December last year. Now Wuling is releasing a more advanced electric car model – Bingo Plus. There’s nothing fancy about its exterior design, and the interior is clear with a few physical buttons. It is driven by a 75kW water-cooled flat-wire motor. Fast charging from 30% to 80% in 30 minutes is possible. The range is 401 and 510 km depending on the variant.
Prices range from 89,800 to 98,800 yuan (11,700 to 12,800 euros or $12,400 to $13,600 USD), compared to 59,800 to 88,800 yuan for Bingo. But there are additional benefits. When ordering online, you can save RMB 4,000 through financial subsidies and RMB 2,000 exchange discount. Competitors include BYD Dolphin (99,800-139,800 yuan) and BYD Yuan UP (96,800-119,800 yuan). We expect Bingo Plus to be a great success.
Success bar: 15,000 sales per month.
5. eπ007 (1220 sales)
And another brand has entered the Chinese market! Yipai (东风奕派), or eπ, is the newest addition to the Dongfeng family. The website is here. It was unveiled at the Shanghai Auto Show in April 2023 and is a premium brand positioned below Voyah. 700 is the first model of the brand to appear on the Chinese market. This is a 5-door liftback, available in extended EV (EREV) and BEV configurations. The exterior design is classic, with the obligatory retractable door handles. The always spectacular scissor door option is available in more expensive trim levels.
Inside, we have an 8.8-inch LCD instrument cluster and a 15.6-inch infotainment screen in a very clean cabin. The 700 is priced between RMB 159,600 and RMB 199,600 (€20,700–€25,900 or $22,000–$27,600) and will compete with the likes of the Galaxy E8 (RMB 175,800–228,800), Qiyuan A07 (RMB 135,900) –179,900 yuan) and Deepal. SL03 (139,900 -206,900 yuan).
Success bar: 5000 sales per month.
Also new for the month are the Beijing U5 Plus (140 sales), the updated Hongqi L5 (1 sale) and the Kia Sonet (1 sale).