BYD to raise vehicle prices from Jan 1
With the imminent expiration of China's purchase subsidies for NEVs and rising raw material prices, BYD will begin raising prices next year. The post BYD to raise vehicle prices from Jan 1 appeared first on CnEVPost. For more articles, please visit CnEVPost.
With the imminent expiration of China's purchase subsidies for new energy vehicles (NEVs) and rising raw material prices, BYD will raise vehicle prices next year.
BYD will increase the official guide prices for models in the Dynasty and Ocean series, as well as those in the Denza brand, by 2,000 yuan - 6,000 yuan ($840), the company announced today on Weibo.
Consumers who pay a deposit and sign up before January 1, 2023, will not be affected by the price adjustment, BYD said.
This is because China's subsidies for NEV purchases will expire on December 31, and vehicles that receive license plates after that date will not be eligible for the subsidies, BYD said.
Meanwhile, the prices of major raw materials, including batteries, have risen sharply since the second half of this year, BYD said.
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Consumers can currently get a subsidy of RMB 4,800 for BYD's plug-in hybrid models, or RMB 12,600 for pure electric models.
This means that for consumers who buy a BYD model next year, they will face an additional cost of up to RMB 18,600.
In stark contrast to BYD's price hike, local media reported yesterday that Tesla may continue to cut prices in China.
After two promotions in China, Tesla's order increment still fell short of expectations and it will introduce new "price cuts" before the end of the year to boost sales, local tech media Huxiu said in a November 22 report, citing unnamed channel sources.
On October 24, Tesla cut the prices of its entire Model 3 and Model Y lineup in China, and on November 8, the electric vehicle maker announced a discount of up to 8,000 yuan on final payments for Model 3 and Model Y models already in production by December 31.
Tesla reportedly to cut prices further in China after previous moves failed to get enough orders
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