Li Auto launched pre-orders for its premium i8 SUV, priced 25% above Nio's Onvo L90. It offers 720 km range and 5C fast-charging, but lacks battery-swap support. Tesla also filed for a 6-seater Model Y L in China, intensifying competition. Retail sentiment is bullish for Nio, neutral for Li and Tesla. Deliveries for the i8 to begin in August.