Has anyone got any theories as to why the HiPhi X depreciates so dramatically in its first year compared to its competitors.

The top spec Hiphi X has a new price of ¥680,000 and can be found used less than a year old with less than 15,000kms on the clock for around ¥400,000. Some of the other cars in this segment like the Li L9 are priced at ¥460,000 new and only drop to ¥400,000 after a similar amount of time with a similar mileage. Most competitors in this segment have depreciated rates closer to the Li L9 here in China and it seems like the HiPhi X is an outlier.

Does anyone know why?