A battle that cannot be lost; ideals play their next card.

From becoming the top player among the new forces to falling from the peak, Li Auto, now in the “final round,” is fighting a battle it cannot afford to lose. On May 15, 2026, Li Auto brought its new generation L9 Livis to center stage. In a highly crowded “9-series battlefield,” its price of 509,800 yuan places it alongside MEGA at the very top of Li Auto’s product lineup, while throwing it into a reality: after “fridge, TV, big sofa” became standard across the industry, what else can Li Auto rely on to continue defining the high-end family SUV? The answer is that this generation L9 is no longer eager to answer “what is a home,” but instead tries to answer “what can a car itself evolve into.” In recent years, Li Auto’s most successful weapon has been its ability to define scenarios. The sofa, TV, fridge, and the mobile home helped Li ONE and the L series quickly build a cognitive advantage amid the chaotic electrification battle, also enabling it to become one of the few new forces that truly achieved large-scale profitability. But problems soon followed. When all competitors have learned this narrative, and even do it more aggressively and cheaply, what used to be Li Auto’s unique experiential differentiation has become an industry consensus. “Some cross the river by feeling Li Auto, others simply follow Li Auto across,” said Li Xiang. In other words, Li Auto’s moat is being filled in. If the dividends from “making cars like home appliances” are over, where is the next barrier? The new L9 Livis answers by shifting the narrative from “perceptible experiences” to “invisible capabilities.” With the new L9, the focus is no longer on dimensions like rear screen size or seat massage, but on the steer-by-wire chassis, self-developed Mach M100 chip, native StarRing OS, and 2560 TOPS system-level computing power. These are almost imperceptible to the user but determine the upper limit of the whole car’s capabilities. Li Auto realized that when the experiential layer is quickly homogenized, continuing to compete at the surface only consumes the brand premium. Meanwhile, Li Auto’s current environment is not easy. The range extender dividend has peaked, the transition to pure electric is not fully proven, and the product line shows structural gaps. The L series is entering the later part of its lifecycle, while MEGA and the premium pure electric models have not yet established enough stable sales support. Its once unbroken 24-month streak in new force sales leadership has been repeatedly challenged this year. In the 400,000 to 600,000 yuan market, which is already limited in size, Li Auto no longer enjoys structural white-space windows. This means the new L9 can’t simply be “better,” but must re-establish a dividing line in some dimension. Li Auto’s chosen path is to bet on “depth of the tech stack.” Steer-by-wire chassis, 800V high-voltage architecture, active suspension, self-developed chips, native operating system—these capabilities together point to one direction: from “competing on configurations” to “competing on system capabilities.” Especially the combination of self-developed chips and StarRing OS, essentially, attempts to build a closed but efficient integrated hardware-software system. By unified scheduling of chassis, cabin, smart driving, and energy management, it reduces latency, increases collaborative efficiency, and leaves room for more advanced intelligent driving and embodied intelligence in the future. This means Li Auto aims to shift from relying on supply chain integration capabilities to building underlying technical capabilities itself. This is also why outsiders compare it to Apple. According to Li Xiang, Apple’s core advantage isn’t in some single-point technology, but in the closed loop capability of chips, system, hardware, and services together. The real barrier is not “the strongest chip”, but “only this system can deliver the optimal experience.” Li Auto is clearly trying to replicate this path, though it faces not phones, but a more complex physical world. The biggest difference between cars and phones is that cars handle not only information, but also direct physical interactions with the real world. This also makes the narrative of “embodied intelligence” more ambitious: AI is not merely an assistant, but must enter chassis, powertrain, steering, and braking mechanical systems, becoming the hub that “controls reality.” Therefore, the new L9 Livis is no longer just a family flagship, but is more like an experimental vehicle—verifying whether AI can truly drive the physical system as a proof-of-concept. But the issue is, this path’s return cycle is much longer than simply building a popular model. In the short run, the market will still judge Li Auto by sales and orders, not the sophistication of the technical architecture. Li Auto now faces two valuation systems at once: one based on the capital market’s growth logic, and one on long-termism of technology companies. These two systems are not always compatible. If the new L9 can secure sales of about 5,000 units per month in the premium segment and successfully drive up prices across the L series, it will prove that the “technology narrative” can translate into commercial results. If performance falls short, these complex technical upgrades may be reinterpreted as cost burdens. The risk is that building a technological moat has never been a single-point breakthrough, but a process of long-term accumulation. Self-developed chips, operating systems, steer-by-wire chassis—these are not capabilities a single generation can complete; they need multiple cycles of continuous iteration. This means Li Auto is entering a new phase: it is no longer just a “company good at making hits,” but is trying to become a “systemic enterprise needing long-term technological investment.” The new L9 Livis is more like a watershed. It marks Li Auto formally leaving behind the comfort zone of “making cars like home appliances,” and entering a more brutal but higher-potential competitive dimension. In this dimension, the competition is no longer about who makes the softest sofa, but who can make the most complete system, who can truly embed AI into the foundation of the physical world. Li Xiang calls this step an extension of “Think Different,” but reality may be more complex. Apple’s success was built in a relatively closed digital world, while Li Auto faces a highly uncertain physical system. But the direction is now clear enough. When everyone is making “fridge, TV, big sofa” standard, Li Auto chooses to reinvent itself as a tech company. This shift may not be easy or immediately effective, but at least it answers one essential question: after the old moats disappear, what can a company rely on to stay at the table. And the new L9 Livis is just the first chip in this re-entry. Risk Warning and Disclaimer The market has risks, investment needs caution. This article does not constitute personal investment advice and does not take into account the individual user’s specific investment goals, financial situation, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular situation. Invest accordingly, and you bear your own responsibility.