Beijing
Li Auto President Shen Yanan said Li Auto, which has only one model, expects monthly sales of its facelifted Li ONE extended-range electric sport-utility vehicle model to nearly double by September. It sold 5,539 cars in April.
Shen said the firm would expand its sales network and continue to use a direct-sales model strategy to sell its vehicles, adding that it is building a team to research selling overseas. It has 75 stores in more than 50 Chinese cities.
Li Auto, with a market capitalisation of $18 billion, is competing with Tesla Inc (TSLA.O) and a swathe of Chinese EV makers, including Nio Inc (NIO.N) and Xpeng Inc (XPEV.N).
CEO Li Xiang said Li Auto plans to invest 3 billion yuan in research and development this year, and expects that number to grow.
Li said he open to further fundraising options, including bonds, loans and follow-ons.
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