(Yicai) May 30 -- Li Auto plans to roll out a range of more affordable cars after annual sales of its sport utility vehicles double compared with last year, according to Li Xiang, founder of the Chinese electric car startup.

“Once annual revenue from our current SUV lineup hits CNY300 billion [USD41.7 billion], Li Auto will launch affordably priced multi-purpose vehicles and sedan models based on market demand,” Li, who is also chief executive, said yesterday on the firm’s first-quarter earnings conference call.

All of the Beijing-based company’s current models are extended-range SUVs priced above CNY200,000 (USD27,800). The high-end Mega model costs more than CNY500,000 (USD69,000).

The automaker has not set a specific sales target for this year, but it is aiming to increase deliveries at twice the average rate of new energy vehicles that sell in China for more than CNY200,000 (USD27,800), Zou Liangjun, senior vice president of sales and service, said on the same call.

That segment’s sales could hit 3.8 million units this year, with pure electric vehicles making up more than 2.1 million, Zou said. With the upcoming launch of two new models, the i8 and i6, later this year, Li Auto is preparing to tap into this faster-growing segment.

As smaller, lower-tier cities in China become more accepting of mid-to-high-end electric cars, Li Auto will put more emphasis on these metropolises. “We aim to generate over 100,000 extra sales in fourth- and fifth-tier cities next year,” Zou noted.

Li Auto will expand into overseas markets, with a focus on Asia and Europe, according to Zou. The aim is for 30 percent of sales to come from abroad within the next few years.

In the three months ended March 31, net profit climbed 9.4 percent from a year earlier to CNY650 million (USD90.3 million), Li Auto’s financial report showed yesterday. Revenue rose 1.1 percent to CNY25.9 billion (USD3.6 billion). NEV shipments jumped 16 percent to 93,000.

The firm expects second-quarter revenue to climb 2.5 percent to 6.7 percent to between CNY32.5 billion and CNY33.8 billion (USD4.52 billion and USD4.7 billion). Sales are projected to jump 13.3 percent to 17.9 percent to between 123,000 and 128,000 units.

Li Auto was the best-selling Chinese EV startup for several consecutive months last year, but it slumped to third place in the first four months of 2025, behind rivals Xpeng Motors and Leapmotor.

Editors: Tang Shihua, Kim Taylor