The prices of two versions of WM Motor's EX5-Z PRO have been raised by RMB 3,000 and RMB 4,000 respectively.
(Image credit: WM Motor)
WM Motor is the latest electric vehicle (EV) maker to increase prices as China's subsidies for new energy vehicle (NEV) purchases decrease and raw material prices rise.
WM Motor recently announced that it will gradually adjust production schedules and prices for some models starting March 1 due to factors including rising parts prices.
The company has increased the price of the 2022 EX5-Z PRO version by RMB 3,000 to RMB 154,800, and the EX5-Z Lead version has been increased by RMB 4,000 to RMB 163,800.
Prices for the company's other models have not yet been adjusted and a new announcement will be made if there are changes, it said.
WM Motor is currently offering the EX5-Z and W6 models to the general public, with the former including three versions, including the NEX version, which remains unchanged at RMB 149,800.
The company also has the EX5 and E.5 models, but they are only available to corporate customers and are used as ride-hailing vehicles.
On December 31, an announcement by four ministries, including China's Ministry of Finance, said that subsidies for NEV purchases will be slashed by 30 percent in 2022 from 2021.
A number of car companies, including BYD, have raised prices this year due to sharp increases in raw material prices and the decrease of subsidies for NEV purchases.
Great Wall Motor's EV brand Ora stopped accepting orders for both the White Cat and Black Cat models in China, blaming the sharp rise in costs.