Another "Price Hike” for NEV. BYD Announced to Increase Prices Ranging from 3000-6000 Yuan

ChinaIPO.COM, Mar 16 - BYD (01211.HK/002594.SZ) official Weibo released a Note on Model Price Adjustment.

BYD Auto will adjust the official guided prices of new energy models on Wangchao and Hellosea.com by a range of 3,000-6,000 yuan due to the continued significant increase in raw material prices. The price adjustment will take effect from 0 o’clock on March 16. Customers who have paid a deposit and signed up before then will not be affected by this price increase.

However, BYD has not announced any price increase for specific models, which is based on the actual situation in 4S shops. Currently, Wangchao sells models such as Qin, Yuan, Song Pro and Tang, while Hellosea sells models such as Dolphin and Song Plus.

What worth mentioning was that Tesla had also increased the prices of its products on its official website in the US and China. Tesla's official website in China showed that the Model 3 Performance and Model Y Long Range, Performance versions had increased in price by 18,000-20,000 yuan. Prices of Model 3 Performance had rose to 367,900 yuan, up 18,000 yuan from Mar 10 349,900 yuan. The prices of the Model Y Long Range and Performance are 375,900 yuan and 417,900 yuan respectively, up 18,000 yuan and 20,000 yuan from Mar 10 357,900 yuan and 397,900 yuan.

Last week, Tesla had increased the prices of its US-made Model Y and Model 3 long-range versions by $1000.

In fact, besides the rising prices of raw materials and chip shortages, what put pressure on the supply chain included many domestic new energy vehicles, which had varying degrees of price increases. According to data released by the official media, nearly 20 new energy vehicle companies have announced price increases since March, involving nearly 40 models.