A Xpeng P7 electrical automotive is on show through the 18th Guangzhou Worldwide Vehicle Exhibition at China Import and Export Truthful Complicated on November 20, 2020 in Guangzhou, Guangdong Province of China.
VCG | Visible China Group | Getty Photos
Chinese language electrical automobile maker Xpeng will hike the worth of its vehicles citing a pointy rise in the price of uncooked supplies.
Xpeng mentioned from Mar. 21, value will increase on its automobiles will vary from 10,100 Chinese language yuan ($1,587) to twenty,000 yuan earlier than subsidies. The corporate didn’t give a breakdown of the particular value rises for every of its fashions.
Xpeng at present sells the flagship P7 sedan, the P5 sedan and the G3 sports activities utility automobile. It’s gearing as much as launch the G9 SUV later this 12 months.
Electrical carmakers have been combating rising prices of uncooked supplies resembling nickel, which is a key element of batteries. Different parts resembling semiconductors proceed to be in brief provide, offering one other headwind for Xpeng and its rivals resembling Nio.
Xpeng will not be the primary electrical automobile firm to boost costs. During the last week, Tesla has accomplished a number of value hikes throughout varied fashions of its vehicles.
Earlier this week, Warren Buffett-backed automaker BYD additionally raised the costs of its new power automobiles, which incorporates electrical vehicles.