Leapmotor said this is due to a sharp increase in raw material prices and a reduction in state subsidies for NEV purchases.
Leapmotor has become the latest in a flurry of moves by car companies to raise their prices.
The electric vehicle (EV) startup announced Friday at midnight that it is adjusting the prices of its entire lineup of flagship SUV, the C11, due to a sharp increase in raw material prices and a reduction in state subsidies for new energy vehicle (NEV) purchases.
The adjustments will take effect at 00:00 on March 19, and consumers who previously paid a deposit will not be affected, it said.
Leapmotor's statement was released at 23:50 pm on March 18, leaving only 10 minutes for potential consumers to place their orders.
The statement did not mention the magnitude of the price adjustment, though its official website shows the latest starting prices for the three versions of the C11 at RMB 179,800 - 229,800, up RMB 20,000 - 30,000 ($4,720) from the previous prices.
Leapmotor was founded in 2015 and currently sells the minivan T03, coupe model S01, and flagship SUV model C11.
The company filed the first version of its prospectus with the Hong Kong Stock Exchange on March 17, where it hopes to list.
It delivered 43,748 electric vehicles in 2021, including 634 S01s, 39,149 T03s and 3,964 C11s, its prospectus showed.
The company plans to launch 1-3 new models per year in the next few years and 8 new models by the end of 2025, covering sedans, SUVs and MPVs, according to its prospectus.
The C11 opens for pre-sale in early 2021, went on sale on September 29 and started deliveries on October 22.
The C11 measures 4,750*1,905*1,650mm and has a wheelbase of 2,930mm. It has a maximum NEDC range of over 600km and a 0-100km/h acceleration time of 4.8 seconds for the dual-motor 4WD version.
In comparison, the Nio ES6 measures 4,850*1,965*1,758/1,731 mm and has a wheelbase of 2,900 mm.
Leapmotor files for Hong Kong IPO, aims to launch eight new models by 2025
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