Geometry has raised the prices of its models by RMB 3,000-7,000 ($1,100) due to factors including rising raw material prices.
(Image credit: Geometry)
Geely's Geometry is one of several EV brands that have announced price increases overnight.
Influenced by factors including rising raw material prices, Geometry is raising the official guide prices of its Geometry A Pro, Geometry C and EX3 models by RMB 3,000-7,000 ($1,100), it said on Friday.
The brand announced the plan in a statement released at 8:00 pm Friday, saying these price adjustments will go into effect at 0:00 am on March 19. Consumers who have signed a contract before then are not affected.
Information on the Geometry website shows that the latest subsidized price range for the Geometry A Pro is RMB 126,800-199,800, the Geometry C is RMB 135,700-172,700 and the EX3 is RMB 68,800-78,800.
Geely sold 14,501 new energy vehicles (NEVs) in February, up 471 percent from 2,539 in the same month last year but down 19 percent from 17,928 in January, according to figures the company released earlier this month on the Hong Kong Stock Exchange.
Sales of the Geometry brand in February were 7,705 units, according to the data.
A number of electric vehicle companies, including BYD (OTCMKTS: BYDDY, HKG: 1211) and Xpeng Motors (NYSE: XPEV, HKG: 9868), have raised prices as raw material prices rise and China's subsidies for NEV purchases are reduced.
Xpeng confirms imminent price hikes of up to $3,140 due to rising raw material prices
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