Morgan Stanley has released a research report stating that Li Auto (02015) has launched its new MEGA model, with a single configuration priced at 509,800 yuan, representing a 50,000 yuan reduction compared to the 2025 MEGA Home variant. The firm maintains an "Overweight" rating on Li Auto with a target price of HK$78.5, and anticipates that MEGA's monthly sales will gradually recover, with further benefits expected as overseas market expansion progresses.

Deliveries of the new MEGA commence this week, with right-hand drive versions scheduled to be introduced in Hong Kong, Macau, Singapore, and Thailand by the end of this year. Morgan Stanley believes the key focus of this facelift is on handling performance and autonomous driving capabilities, rather than interior detail adjustments. The new model is equipped with steer-by-wire and rear-wheel steering systems, which reduce the turning radius of the 5.35-meter-long MEGA from 6.2 meters to 5.5 meters. It also features an 800V active anti-roll chassis, dual M100 chips, and four LiDAR sensors, providing the hardware foundation for continuous OTA upgrades.

The investment bank notes that the new MEGA adopts a single configuration with fully standard equipment, helping to lower consumer decision-making costs while simplifying production and delivery processes. Meanwhile, the upcoming i9 model is set to become the next focal point supporting short-term sales volume and battery electric vehicle growth.