Visited 13 Stores: How Are the New Power Brands Conquering a 500,000-Customer Base?

Within a week, three "Series 9" flagship SUVs were launched intensively, intensifying the competition in the high - end new energy market.

On May 15th, Li Auto released the new - generation L9. The Livis version is equipped with a full - by - wire chassis featuring an 800V active suspension, by - wire braking, and by - wire steering, with a starting price of 509,800 yuan.

On May 27th, NIO ES9 and AITO new M9 were released on the same day. NIO ES9, which Yao Ming also said has a large space, has a starting price of 498,000 yuan; AITO M9, which has already broken through in the high - end market, has a starting price of 499,800 yuan.

Targeting the high - end market in the 500,000 - yuan range seems to have become a consensus among leading new energy vehicle brands. Behind this is both a strategic need and direct financial motivation.

In the first quarter of 2026, Li Auto's sales increased year - on - year. However, since 70% of the orders were for entry - level models such as L6 and i6, the downward shift in the sales structure caused Li Auto, the first new car - making company to turn a profit, to fall into quarterly losses again.

NIO raised its main sales range from 300,000 yuan to 400,000 yuan by pricing the ES8 at around 400,000 yuan. Coupled with the scale effect brought by the increase in sales, the losses in the first quarter were significantly narrowed.

After years of configuration and price competition in the new energy market, the profit margin of affordable entry - level models has become increasingly thin.

New - force brands are breaking through into the 500,000 - yuan market. This is not only an upward climb in brand positioning but also an inevitable choice for the survival and sustainable profitability of enterprises.

However, the competitive environment in the 500,000 - yuan market is becoming more severe. Data from the China Passenger Car Association shows that the overall scale of the car market above 400,000 yuan has shrunk for multiple consecutive quarters. Although the penetration rate of new energy vehicles continues to increase, high - end fuel vehicles still dominate sales.

In this context, what is the real situation of this flagship battle? 36Kr visited 13 stores in Beijing, Guangzhou, Shenzhen and other places, trying to clarify the situation and find the real winner in this "Series 9" battle.

NIO and Li Auto Attack Aggressively, AITO M9 Defends the Fort

"Many customers sighed that Li Auto's driving experience has improved significantly," several Li Auto salespeople told 36Kr. Many users placed orders on the spot after test - driving the L9 Livis. "Many automotive industry insiders said that Li Auto's new - generation chassis is among the best in the Series 9 cars."

In addition, another upgrade of the new Li Auto L9 is the installation of the self - developed Mach chip. However, there is currently no difference in functions between the two configurations. The chassis ability has become the core selling point of the new - generation L9.

Since its launch in 2022, the market positioning of Li Auto L9 has always been a six - seat "dad's car". Although the suspension tuning and driving performance of its first - generation model were once ridiculed as "driving a boat", in 2023, the annual sales of L9 still exceeded 110,000 units, making it one of the fastest - growing high - end new energy vehicles in China.

The real demand in the family market lies in space and comfort, and there is no strict requirement for chassis performance. However, at the 500,000 - yuan price level, users expect a comprehensive luxury experience beyond the family scenario. From this perspective, the new - generation Li Auto L9 with a subtle design is destined to have a slow start in the high - end market.

NIO ES9 also features the chassis, equipped with the "Tianxing Chassis" with an active suspension and by - wire steering. 36Kr learned that within 72 hours after the new car was launched, the orders for the administrative signature version equipped with this chassis system accounted for almost more than 80%.

Several NIO salespeople told 36Kr that after the launch of ES9, the orders for the ES8 model also increased slightly. "Some potential ES8 users placed pre - orders for ES9. They really wanted the Tianxing Chassis, but thought the price was too high after the official launch." "If they don't buy the Tianxing Chassis, the ES8 is already sufficient to meet family needs."

Most of the customers who actually placed orders for ES9 have compared Li Auto L9 and AITO M9. "Li Auto L9 has a different positioning from ours and is not comparable. Among luxury business - oriented models, car owners think NIO has better aesthetics and a more refined sense of luxury," a salesperson said.

After communicating with several users who have placed orders for NIO ES9, 36Kr found that they generally have a consensus: the driving quality of ES9 is not outstanding among models in the same class. However, in their decision - making process for buying a new car, the ultimate driving experience is not a necessary requirement.

"Among domestic cars priced at 500,000 yuan, only NIO has original interior design, and it is very beautiful and luxurious. Isn't that enough?" a user who has bought two NIO cars said bluntly.

In the luxury car market, design and materials have always been the basic entry tickets. In the era of BBA, competition revolved around "stacking materials". Solid wood and chrome plating were the standard for showing luxury. However, the new minimalist paradigm represented by Tesla has swept in. Even for the million - level Model S, its "bare - bones" interior has raised market doubts: Do high - end new energy vehicles no longer need luxurious design?

NIO has answered this question with action: the demands of high - end customers have never changed. ES9 breaks through upwards with its unique design and solid materials, which is an accurate response to this demand.

AITO new M9 presents a third competitive situation. Although it, like the new Li Auto L9, has chosen a low - key internal upgrade path, AITO users' acceptance of this is significantly higher.

Several salespeople told 36Kr: "The new model does have many upgrades, such as more sensors. But to be honest, customers don't really care about the configuration. Many customers don't compare with other brands. They just want to buy an AITO M9 because they know it is the most intelligent car." High - end customers have established a unique trust in Huawei's technological brand.

Li Auto targets the family scenario and detailed experience, improving comfort through solid chassis tuning; NIO focuses on design and the perception of luxury, building barriers in aesthetics and materials; AITO is further consolidating high - end customers' trust in the brand.

The new energy wave has rewritten the competition narrative of flagship SUVs. The main battlefield has shifted from the 600,000 - 800,000 - yuan range in the BBA era to the 500,000 - yuan range. Under limited cost constraints, being "all - round" is no longer realistic. Therefore, an interesting situation has emerged in the market: the new Series 9 flagship cars have similar prices and configurations but are each pushing the upper limit of a single - dimension experience to the extreme.

AITO and NIO Break into the High - End Market, Li Auto is Stuck in the Family Positioning

Currently, the new Li Auto L9 received 10,000 locked - in orders within two weeks of its launch, while the new AITO M9 exceeded 20,000 locked - in orders within 24 hours of its launch. The current delivery cycle of NIO ES9 is shown as 16 - 18 weeks.

The competition in the high - end automotive market is a long - term process. Although the sales figures in the early stage of a new car's launch are worthy of attention, the user structure and brand development trajectory reflected behind them are the key to victory.

36Kr mentioned in a store - visit report 72 hours after the launch of the new Li Auto L9 that the repurchase rate of old owners of the Li Auto L9 Livis was as high as 70%. NIO salespeople revealed to 36Kr that the repurchase rate of old users of ES9 was also amazing. "Nearly half of the orders are from old owners' repurchases."

However, the "past achievements" relied on by the two brands are different.

A Li Auto salesperson recalled to 36Kr that after the L9 Livis was unveiled, the sales team invited old owners one by one to experience it. However, most customers declined due to the high pre - sale price of over 550,000 yuan, and the team was once discouraged. It wasn't until the official price was announced that the situation changed. Owners of the first - generation Li Auto ONE could buy the L9 Livis at an on - road price of about 480,000 yuan.

A salesperson frankly told 36Kr that Li Auto's user group not only pursues a comfortable experience but also values cost - effectiveness. "Not all old owners have the spending power of 500,000 yuan. Many people are waiting for the cheaper L7 and L8 Livis."

NIO's customer group is completely different.

Li Auto's first car, the Li Auto ONE, was priced at 300,000 - 350,000 yuan when it was launched in 2020. As early as 2018, the NIO ES8, with a price of over 500,000 yuan, had achieved annual sales of over 10,000 units.

Several NIO salespeople told 36Kr that their sales team also adopted the strategy of inviting old owners one - on - one. "The first - generation NIO owners are very interested in ES9, and many of them have been continuously following NIO's new product dynamics."

36Kr learned from the store side that among the new orders for NIO ES9, 20 - 30% are corporate purchases. Although NIO offers a preferential plan of "0 down payment, 5 - year installment with 2 - year interest - free", the proportion of full - payment purchases is still high.

In contrast, the Li Auto L9 Livis does not offer a preferential installment policy, but the proportion of installment purchases is higher. "I haven't had a single full - payment order after selling for a week," a salesperson from a store in the center of Beijing told 36Kr.

AITO presents a situation similar to that of NIO, but its high - end recognition has a wider coverage. Its influence extends not only to first - and second - tier cities but also widely penetrates into many third - and fourth - tier cities. An AITO salesperson told 36Kr, "Many county - level business owners are buying AITO. They say that in the business field, people only recognize this brand, not Li Auto or NIO."

Overall, in terms of purchasing power, brand loyalty, and user group attributes, both NIO and AITO show characteristics more in line with the high - end market.

The Collective Anxiety of Series 9 Cars: Searching for High - End Symbols

36Kr pointed out in a report that the city - level sales of all NIO models are highly correlated with the layout of battery - swapping stations: sales are concentrated where the battery - swapping stations are built. Although the user profile is high - end, its market distribution has significant regional concentration, and most customers are distributed in first - and second - tier cities with dense battery - swapping stations.

In contrast, the traditional flagship SUV model, BMW X5, has a more extensive and stable market influence. Although its monthly sales fluctuate from 11,000 units to 4,000 units, its influence still covers more than 100 cities. To gain a foothold in the high - end market, new energy brands must have the ability to go beyond core cities and radiate to a wider area.

36Kr visited AITO stores in non - provincial - capital cities in Shanxi, Hebei and other places. Several salespeople told 36Kr that the monthly orders of the stores have stabilized at a two - digit level. "Now our main job is to answer questions about configuration, benefits, and delivery cycles. There is no need to say much about whether this car is good or better than others." The license - plate city data also shows that AITO's influence has penetrated into nearly 200 cities across the country.

In the past three years, the number of AITO's independent user centers and Hongmeng Smart Mobility stores has rapidly expanded from about 800 to more than 2,400, significantly broadening the brand's offline reach network.

Meanwhile, its parent company, Seres, disclosed in its 2025 financial report that its sales expenses exceeded 24 billion yuan, while the relevant expenses of Li Auto and NIO were only in the tens of billions. It is worth noting that although AITO only has 5 models, its sales expense scale is close to that of BYD, which has about 40 models.

A senior luxury industry insider told 36Kr that the core symbol of the high - end market is premium, and whether a brand has the ability to command a premium depends largely on marketing. "For luxury goods with strong premium capabilities, the manufacturing cost is not that high. The main cost is spent on marketing and services."

The continuous high - intensity investment, combined with top - level exposure resources such as the Spring Festival Gala, has brought direct results: front - line salespeople no longer need to explain to customers "who AITO is", and the brand awareness has been deeply rooted in people's hearts.

"Huawei knows best what high - end customers want. Configuration and design are secondary. What they really care about is 'whether people know you are driving a 500,000 - yuan car'," a sales manager of an AITO store told 36Kr.

The mentality of Li Auto L9 Livis owners forms an interesting contrast.

A Li Auto store manager in Guangzhou told 36Kr that Li Auto launched a limited - edition two - tone body for the Livis version of L9, but the 20,000 - yuan optional price deterred many consumers. "A young man ordered the basic version of Livis and told me that he had already ordered a two - tone color - changing film. He was reluctant to spend 20,000 yuan on the body, but without the two - tone color, this car is no different from the old model bought for 400,000 yuan, and people won't know he spent more than 500,000 yuan."

A sales manager who switched from BMW to AITO told 36Kr bluntly, "In the past, customers who bought BMW didn't care about configuration. Buying a BBA is actually buying a business card. Obviously, AITO M9 is doing the same thing now. When buying a car, you compare configurations, but when buying a business card, you only need to look at the brand."

What AITO M9 is solving now is this "recognizability" anxiety. It no longer relies solely on design and configuration to show its high - end status but has directly become a "mobile business card" with the increasing brand awareness of Huawei and AITO.

In the flagship SUV market, ZEEKR 9X has also emerged as a "high - recognizability business card". This model, known as the "Hangzhou Cullinan", has achieved monthly sales of nearly 10,000 units for several consecutive months.

Several ZEEKR salespeople told 36Kr that the front - face design of the 9X is its biggest selling point, attracting many business owners to trade in their cars. "Many customers said that this front - face is worth 1 million yuan."

A salesperson who used to work at Mercedes - Benz told 36Kr, "The influence of ZEEKR 9X is expanding rapidly, but the 9X has not brought traffic to our other models. The 9X has become a hit because of its front - face, but ZEEKR has not yet become a brand that can stand firm in the 500,000 - yuan market."

In 2026, the sales of the new energy market above 400,000 yuan soared by more than 70% year - on - year. Whether it is Li Auto, NIO, or AITO, they are all good at creating "hit products", but so far, there has not been a classic car series that can cross the cycle and sell well continuously. The competition is still deeply mired in the melee of configuration and price.

Backed by Huawei, AITO M9 seems to have found a new way to transform intelligence into a "social business card". However, making a wider range of people recognize and approve of its brand value is itself a project with huge costs.

In the traditional fuel - powered era, there has never been a situation of "winner takes all" in the high - end car market, and the same will be true in the new energy era. Relying solely on price wars to grab sales is not a long - term solution.