5.9k Share this

A Xpeng P7 electric car is on display during the 18th Guangzhou International Automobile Exhibition at China Import and Export Fair Complex on November 20, 2020 in Guangzhou, Guangdong Province of China.

VCG | Visual China Group | Getty Images

Chinese electric vehicle maker Xpeng will hike the price of its cars citing a sharp rise in the cost of raw materials.

Xpeng said from Mar. 21, price increases on its vehicles will range from 10,100 Chinese yuan ($1,587) to 20,000 yuan before subsidies. The company did not give a breakdown of the specific price rises for each of its models.

Xpeng currently sells the flagship P7 sedan, the P5 sedan and the G3 sports utility vehicle. It is gearing up to launch the G9 SUV later this year.

Electric carmakers have been struggling with rising costs of raw materials such as nickel, which is a key component of batteries. Other components such as semiconductors continue to be in short supply, providing another headwind for Xpeng and its rivals such as Nio.

Xpeng is not the first electric vehicle company to raise prices. Over the last week, Tesla has done several price hikes across various models of its cars.

Earlier this week, Warren Buffett-backed automaker BYD also raised the prices of its new energy vehicles, which includes electric cars.

Source: DailyMail

5.9k Share this
You May Also Like

Here Are the Nutcases Who Believe in ‘Replacement’

The “Great Replacement Theory” (GRT) has taken the media by storm! It…

Washington Post Debases Itself in Eulogy to Biden’s Fascist Disinformation Board

The far-left Washington Post’s eulogy for Joe Biden’s fascist “Disinformation Governance Board”…

Sheffield United striker Billy Sharp is attacked by a pitch invader at Nottingham Forest

Horrific moment Nottingham Forest fan floors Sheffield United striker Billy Sharp leaving…

SCOTUS Strikes Down Campaign Finance Restriction on 1A Grounds

The U.S. Supreme Court in a 6-3 decision cited First Amendment concerns…

Biden Pushes ‘Assault Weapons’ Ban in Buffalo Speech

President Joe Biden spoke in Buffalo Tuesday and pushed for an “assault…

Biden Imports 35K Foreign Workers for U.S. Jobs, 12M Americans Jobless

President Joe Biden is subsidizing businesses with 35,000 more foreign H-2B visa…

Disabled pensioner is hospitalised after she was savagely attacked by RAT as she slept in her home 

Pictured: Bloodied face of brain damaged disabled pensioner, 76, who was ‘savaged…

Kyle Sandilands” The relationship ‘hack’ that stops men from cheating

The relationship ‘hack’ that stops men from cheating: Kyle Sandilands reveals secret…