(Yicai Global) May 26 -- Chinese electric vehicle startup Li Auto has launched an upgraded version of its only model, the Li One. The new version costs CNY10,000 (USD1,565) more than the previous one.

The upgraded model, unveiled yesterday, is priced at between CNY338,000 and CNY348,000 (USD52,880 and USD54,443). Deliveries, which will begin on June 1, are expected to exceed 10,000 a month by September.

It is still an extended-range EV with pure-electric mileage of 188 kilometers and 1,080 kms under comprehensive working conditions. But the software, hardware and configuration of the driver assistance system have been upgraded.

Reacting to speculation of a secondary listing, founder and Chief Executive Li Xiang told a press conference today that having more funds is always better.

Li Auto raised USD1.1 billion in an initial public offering on the Nasdaq last July. The Beijing-based company’s shares [NASDAQ: LI] have gained 74 percent from an initial price of USD11.50.

Li, who is also chairman, pointed out that rivals of the Chinese new energy vehicle trio of Li Auto, Xpeng and Nio all have sufficient funds. He cited Tesla, Xiaomi, Baidu and other newcomers as well as traditional carmakers. Li Auto does not mind securing financing in any way, including from the secondary market, banks and bonds, he added.

Catching up with Tesla and Xpeng in the autonomous driving field will be Li Auto’s goal for a certain time, Li told reporters. The firm will develop all the hardware and software itself, while the size of its self-driving team will reach 600 by the end of this year from 300 at the moment, Li said.

Li Auto is carefully studying product and channel models in the overseas market, President Shen Yanan said, adding that a dedicated team has been set up. 

Li Auto delivered 12,579 vehicles in the first quarter, a 13 percent drop on the previous three months. First-quarter revenue surged fourfold to CNY3.58 billion (USD545.7 million) from a year ago, but was down almost 15 percent from the fourth quarter, according to the firm’s quarterly earnings report released today.

Its net loss was CNY360.0 million (USD54.9 million) last quarter, widening from a CNY77.1 million loss in the first quarter of 2020.

Editor: Peter Thomas