After raising the prices of some models on March 1, WM Motor will raise prices again by 7,000 to 26,000 yuan ($4,090) starting March 28.
(Image credit: WM Motor)
After raising prices on some models earlier this month, Chinese electric vehicle (EV) startup WM Motor is raising prices again.
WM Motor is adjusting the post-subsidy prices of its current models by RMB 7,000 - RMB 26,000 ($4,090), the company said in a statement released Saturday evening.
The price adjustment will take effect at 0:00 on March 28, and users who have paid a deposit before then will not be affected, according to the company. This means that potential consumers have one more week to buy the company's vehicles before the price increases.
The move is due to factors including continued sharp increases in raw material prices and tight supplier availability, the company said.
WM Motor, which currently offers the EX5-Z and W6 to the general public, did not announce the price increases for specific models, saying only that consumers can consult its stores.
This is WM Motor's second price increase this month.
Effective March 1, the price of the 2022 WM Motor EX5-Z PRO version was raised by RMB 3,000 and the EX5-Z Lead version was raised by RMB 4,000.
The company blamed factors including rising parts prices for the last price increase.
WM Motor delivered 3,311 vehicles in February, up 309.8 percent year-on-year, the company announced earlier this monty.
The deliveries were based on insurance registrations for WM Motor models in China in February, the company said, without disclosing further information.