This is because the cost of some models continues to increase due to the impact of the sharp increase in the price of raw materials including batteries and chips.
Just three weeks after announcing a price increase for its new energy models, Chery has done it again.
Prices of some of Chery New Energy's models will increase by RMB 2,900-5,000 from 0:00 on April 7, Chery's new energy vehicle (NEV) subsidiary announced yesterday evening.
That's because the cost of some of Chery New Energy's models continues to increase due to the sharp rise in the price of raw materials such as batteries and chips, it said.
Although Chery New Energy announced the plan Wednesday evening, it was effective immediately, as the company stopped taking new orders from the time the plan was announced until the price increase took effect.
Chery New Energy's statement did not mention the price increase for different models, saying only that consumers can consult its official customer service or dealers.
Chery New Energy currently sells models including the Little Ant, Big Ant and eQ series with an official guide price of up to 156,600 yuan ($24,610), the latest information on its official website shows.
(Image credit: Chery)
The company last increased prices on March 17, when it raised the official guide prices of the Little Ant and QQ ice cream series by RMB 3,000-7,100, giving exactly the same reasons as the latest one.
China has reduced its purchase subsidies for NEVs by 30 percent this year compared to 2021, and will not offer any subsidies next year. The reduction in subsidies will be particularly noticeable for lower-priced models.
At the same time, the rising cost of raw materials and chips, including lithium and nickel, has put NEV makers under great pressure.
So far this year, car companies including Tesla (NASDAQ: TSLA), BYD (OTCMKTS: BYDDY, HKG: 1211), Xpeng Motors (NYSE: XPEV, HKG: 9868), and Li Auto (NASDAQ: LI, HKG: 2015) have raised prices.
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