Xpeng hikes worth of electrical vehicles after Tesla as materials prices rise

A Xpeng P7 electrical automobile is on show through the 18th Guangzhou Worldwide Car Exhibition at China Import and Export Honest Complicated on November 20, 2020 in Guangzhou, Guangdong Province of China.

vcg | Visible China Group | Getty Photographs

Chinese language electrical car maker Xpeng will hike the worth of its vehicles citing a pointy rise in the price of uncooked supplies.

Xpeng mentioned from Mar. 21, worth will increase on its autos 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 worth rises for every of its fashions.

Xpeng at present sells the flagship P7 sedan, the P5 sedan and the G3 sports activities utility car. It’s gearing as much as launch the G9 SUV later this yr.

Electrical carmakers have been scuffling with rising prices of uncooked supplies equivalent to nickel, which is a key part of batteries. Different parts equivalent to semiconductors proceed to be in brief provide, offering one other headwind for Xpeng and its rivals equivalent to Nio.

Xpeng is just not the primary electrical car firm to lift costs. During the last week, Tesla has completed a number of worth hikes throughout numerous fashions of its vehicles.

Earlier this week, Warren Buffett-backed automaker BYD additionally raised the costs of its new vitality autos, which incorporates electrical vehicles.

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