Three new flagship SUVs launched in less than two weeks, intensifying competition in China’s high-end new energy vehicle (NEV) market.

On May 15, Li Auto released the new-generation Li L9. Its Livis version comes with an 8,000-volt active suspension, brake-by-wire, steer-by-wire, and a full drive-by-wire chassis, with prices starting at RMB 509,800 (USD 75,133). On May 27, Nio launched the ES9 on the same day that Aito introduced the latest M9. Nio’s ES9 starts at RMB 498,000, (USD 73,394) while the new Aito M9 starts at RMB 499,800 (USD 73,659.2).

Major NEV brands are converging on the RMB 500,000 (USD 73,688.7)-and-above segment for strategic and financial reasons. In the first quarter of 2026, Li Auto’s sales rose year-on-year, but entry-level models such as the Li L6 and i6 accounted for 70% of orders, weighing on its sales mix and pushing the once-profitable automaker back into a quarterly loss. Nio, by contrast, lifted its core sales range to around RMB 400,000 (USD 58,951) with the ES8, while narrower first-quarter losses reflected both higher pricing and stronger scale effects.

After years of configuration and price competition, profit margins for affordable entry-level models have thinned. Moving toward the RMB 500,000 segment is not only a shift in brand positioning, but also a push for more sustainable profitability.

The challenge is that the market is shrinking. Data from the China Passenger Car Association shows that the market for vehicles priced above RMB 400,000 has contracted for several consecutive quarters. NEV penetration continues to rise, but gasoline-powered luxury vehicles still dominate sales.

36Kr visited 13 stores in Beijing, Guangzhou, Shenzhen, and other cities to understand how the competition is unfolding.

Li Auto salespeople told 36Kr that customers have been surprised by the improved driving feel of the new Li L9. Some users ordered the Livis version immediately after test drives.

The new Li L9 also uses Li Auto’s self-developed M100 chip, but its two configurations currently offer the same functions. Chassis performance has become the more substantive selling point.

Since its 2022 launch, the Li L9 has been positioned as a six-seat family SUV. Its first generation was sometimes criticized for driving like a boat, but it still sold more than 110,000 units in 2023, making it one of China’s faster-growing premium NEVs. Family buyers tend to value space and comfort more than sharp chassis performance. At the RMB 500,000 level, however, users expect a more comprehensive experience. Li Auto’s restrained design may therefore make the new Li L9 slower to gain traction in the premium market.

Nio’s ES9 also emphasizes chassis performance. It uses the SkyRide system, which includes active suspension and steer-by-wire. 36Kr learned that within 72 hours of launch, nearly 80% of ES9 orders were for the executive signature version equipped with the system. Nio salespeople said some ES8 demand also rose after the ES9 launch, as potential buyers were drawn to SkyRide but found the ES9 too expensive.

For ES9 buyers, design and luxury perception appear more important than absolute driving feel. Several users who ordered the ES9 told 36Kr that its driving quality was not outstanding among its peers, but said this was not decisive. One repeat Nio owner said Nio is the only domestic brand at the RMB 500,000 level with an original and attractive luxury interior.

Aito’s new M9 presents a third competitive pattern. Like the new Li L9, it received internal upgrades without major exterior changes, but Aito users appear more accepting of this approach. Several salespeople said customers care less about individual specifications and more about the M9’s reputation as a smart vehicle backed by Huawei.

Li Auto anchors itself in family scenarios and comfort. Nio focuses on design and luxury perception. Aito reinforces trust through technology. The NEV wave has shifted high-end SUV competition from the RMB 600,000–800,000 (USD 88,426.5–117,901.9) range of the era led by BMW, Mercedes-Benz, and Audi closer to the RMB 500,000 mark. Under tighter cost constraints, it is difficult to excel in every dimension. The latest SUVs look similar in price and configuration, but each pushes one part of the experience toward the upper end.

Li Auto’s new Li L9 collected 10,000 locked orders within two weeks of launch, while the new Aito M9 passed 20,000 locked orders within 24 hours. Nio’s ES9 currently shows a delivery wait of 16–18 weeks.

Early order numbers matter, but user structure and brand trajectory matter more. 36Kr previously reported that returning owners accounted for 70% of Li L9 Livis orders in the first 72 hours. Nio salespeople said the ES9’s repeat purchase rate is also high, with nearly half of orders coming from existing owners.

The two brands’ existing customer bases differ. Li Auto’s users prioritize comfort but are also conscious of value for money. Some salespeople said not all existing owners can afford RMB 500,000 models, and many are waiting for cheaper Li L7 and L8 Livis versions. Nio’s customer base is more premium. The ES8, priced above RMB 500,000, exceeded 10,000 annual sales in 2018, two years before Li Auto launched its first model in the RMB 300,000–350,000 (USD 44,213.2–51,582.1) range.

Store visits showed that 20–30% of new ES9 orders were corporate purchases. Even with zero down payment and five-year installment plans with two years interest-free, full-payment purchases remain common. Li Auto, by contrast, has more installment buyers.

Aito resembles Nio, but its premium recognition appears broader. Its influence reaches beyond first- and second-tier cities into lower-tier markets. One Aito salesperson said county-level business owners may prefer Aito because, in business settings, people recognize it in a way they do not recognize Li Auto or Nio.

Nio’s sales are closely linked to its battery swap network, giving it a high-end user profile but also a concentrated market distribution in first- and second-tier cities. Traditional flagship SUVs such as the BMW X5 have broader and more stable influence, covering more than 100 cities even as monthly sales fluctuate.

To take root in the high-end market, Chinese NEV brands need symbols that extend beyond core users and early adopters. For Li Auto, that symbol remains family comfort. For Nio, it is design, service, and owner identity. And for Aito, it is Huawei-backed intelligence and trust.

KrASIA features translated and adapted content that was originally published by 36Kr. This article was written by Xu Caiyu for 36Kr.

Note: RMB figures are converted to USD at rates of RMB 6.79 = USD 1 based on estimates as of June 10, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.