Goldman Sachs: Li Auto-Wi8 price meets expectations, expected monthly sales of 6,000 units, rating "Buy"
Goldman Sachs released a research report stating that Li Auto-W has launched its first pure electric SUV model, the i8, with a starting price of 321,800 yuan, which meets expectations, and is projected to have monthly sales of 6,000 units. Goldman Sachs has set a target price of HKD 138 and rated it as "Buy." It is expected that pure electric models will account for 13% of total sales by 2025, and future profitability will improve. Recent catalysts include the performance in the second quarter of 2025, the delivery progress of the i8, and the launch of the i6
According to the Zhitong Finance APP, Goldman Sachs released a research report stating that Li Auto-W (02015) has officially launched its first all-electric SUV model, the i8, with a starting price of RMB 321,800 (the same below), which is the same as the L8 and aligns with the firm's previous expectations. The firm has set a target price of HKD 138 for Li Auto's Hong Kong stocks, with a rating of "Buy."
Based on the firm's product comparison analysis, the Li i8 scores high in terms of price, size, and autonomous driving, with a total score close to AITOM8/Li L8 (monthly sales of 12,000/6,000 units respectively), higher than the current best-selling all-electric SUVs. Overnight, the price of Li Auto's ADR fell by 6%, possibly due to investors taking profits after the news was announced, as the stock price had risen by 12% from July 9 when Li Auto announced the i8's pre-sale/listing date to July 28.
The firm expects the i8 to be competitive in the RMB 300,000 to 400,000 SUV market, with average monthly sales expected to reach 6,000 units, consistent with previous expectations, comparable to the ES6/L8, driving sales growth in September and the fourth quarter of 2025.
Looking ahead, the firm indicated that as the i8 enters the all-electric SUV market, it is expected that all-electric models will account for 13% of total sales by 2025, up from 2% in 2024; leveraging AI technology to reduce R&D costs, future profitability is expected to improve. Recent catalysts include the second-quarter performance in 2025, i8 delivery progress, and i6 launch
