Ora will adjust the post-subsidy prices of all versions of the 2022 Good Cat model by RMB 6,000-7,000 ($1,100) starting March 23.
(Image credit: Ora)
After suspending orders for two lower-priced models, Great Wall Motor's Ora brand is raising the price of the only model currently on sale.
Ora will adjust the post-subsidy price of all versions of the 2022 Good Cat model by RMB 6,000-7,000 ($1,100), a statement from the brand released Saturday evening said.
The price adjustment will take effect at 0:00 on March 23, and consumers who pay a deposit before then will not be affected, the statement said.
This is due to the continued significant increase in upstream raw material prices, Ora said. It did not announce the price increases for different versions of Good Cat models, saying only that consumers can consult its stores.
Ora's models include Good Cat, Good Cat GT, White Cat and Black Cat, with a price range of RMB 69,800 - RMB 143,900, including RMB 69,800 - RMB 88,800 for the White Cat and Black Cat.
Late last month, local media reported that Ora stopped accepting orders for both the White Cat and Black Cat models in China, sparking speculation about the discontinuation of the two models.
The brand's CEO Dong Yudong later said in a statement that the two models had stopped taking orders, but were not being discontinued.
Although Ora has the advantage of an industrial chain, the two models are still giving the company a huge loss, Dong said at the time, adding that, in the case of the Black Cat, the company is losing more than 10,000 yuan per unit sold on the model in 2022 after a significant increase in raw material prices.
"I believe that the problems encountered by the Ora brand are the same risks faced by the industry. We are actively seeking ways to improve and developing strategies," Dong said.
Ora sold 6,261 units in February, down 15 percent from 7,374 units a year earlier and 52.7 percent from 13,229 units in January, according to data released by Great Wall Motor (OTCMKTS: GWLLF, HKG: 2333) on March 8.
Ora CEO says lower-priced model brings losses of over $1,580 per unit sold