China’s electric-vehicle makers are defying an unprecedented price war with their share gains trouncing foreign rivals, and analysts say the rally may run further thanks to a stronger pipeline of new products.

Li Auto Inc. delivered more than 30,000 units for the first time in June, a 150% increase from a year earlier. The shares have risen 90% in Hong Kong this year, with bears positioned near the lowest level since September, according to IHS Markit data. The firm has held off in cutting prices for its models.