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XPeng's entire model lineup will see price hikes starting March 21, with the P7 going up by RMB 20,000 ($3,152) and the P5 and G3i both going up by RMB 10,000, local media said.
(Image credit: CnEVPost)
After raising prices on most of its models earlier this year, XPeng Motors (NYSE: XPEV, HKG: 9868) is said to be raising prices again.
XPeng's entire model lineup will see price increases starting March 21, with the flagship P7 sedan going up by RMB 20,000 ($3,152) and the P5 sedan and G3i SUV both going up by RMB 10,000, local tech outlet Mydrivers reported today.
The company has asked salespeople to make every effort to pitch to potential consumers, but only by phone, not by text or by posting the information on social media, according to the report.
Local news portal Sina later also reported that XPeng will increase prices from 0:00 next Monday, with the P7 increasing by nearly RMB 20,000 and the P5 by RMB 10,000.
XPeng is ramping up its recent sales efforts to get more orders before the price hikes, the report quoted two salespeople as saying.
"Our store manager has asked that those currently resting at home to work at the store. They can also call from home and make a minimum of 80 calls a day," the report quoted the sales as saying.
With China reducing subsidies for new energy vehicle (NEV) purchases by 30 percent this year compared to 2021, as well as rising raw material prices, several carmakers have already raised prices at the beginning of the year.
Effective January 11, XPeng's models priced below RMB 300,000 have all seen price increases, including RMB 4,300-5,900 for the P7, RMB 4,800-5,400 for the P5 and RMB 4,800-5,400 for the G3i.
The current starting price of XPeng P7 is RMB 224,200, and if the price increase is RMB 20,000, the starting price will be over RMB 240,000.
The XPeng P5 and G3i start at RMB 162,700 and RMB 154,600 respectively.
This comes after several Chinese car companies raised the prices of NEVs, with BYD and Tesla having increased their prices several times since the beginning of the year.
From February 1, the official guide prices of BYD Dynasty and Ocean series NEV models were raised by RMB 1,000-7,000 yuan. Since March 16, the prices of these models have been increased by another RMB 3,000-6,000.
Tesla raised the prices of the Model 3 Performance, Model Y Long Range and Model Y Performance by RMB 10,000 on March 10.
On March 15, Tesla increased the prices of all China-made vehicles, except the entry-level Model Y, by RMB 14,000 - 20,000, and on March 17, the price of the entry-level Model Y was also increased by RMB 15,060.
XPeng's local peers NIO (NYSE: NIO, HKG: 9866) and Li Auto (NASDAQ: LI, HKG: 2015) have not raised vehicle prices this year.