Li Auto (NASDAQ: LI, HKG: 2015) delivered 11,034 Li ONE vehicles, the company's only model, in March, up 125 percent year-on-year and 31 percent from February, according to figures released today by the company.

In the first quarter, Li Auto delivered a cumulative total of 31,716 vehicles, an increase of 152 percent year on year. Since delivery, Li ONE cumulative deliveries have reached 155,804 units.

(Image credit: Li Auto)

The move follows a Weibo post on March 19 by Li Auto's founder, chairman and CEO Li Xiang, who said battery costs had risen by a ridiculous amount in the second quarter.

Most of the car companies that have not yet announced price increases are those with battery suppliers whose contracts have not yet been finalized, and once they do they will also increase prices, Li said at the time.

It is also worth noting that Li Auto will officially launch its new SUV L9 on April 16, with a price range of RMB 450,000-500,000.

The company has been releasing key specs for the L9 on Wednesdays for several weeks, showing that the model's power and intelligence levels have been significantly improved over the Li ONE.

Li Auto says L9 to come with its smart driving system called AD Max