BYD's pure electric vehicle models will increase in price by RMB 10,000 and plug-in hybrid models will rise by RMB 6,000, local media reported earlier.
(Image credit: BYD)
BYD has denied that the company is about to raise vehicle prices yet again, after rumors sparked widespread discussion.
BYD will raise the official guide prices of its Dynasty and Ocean series new energy vehicle (NEV) models by a range of RMB 6,000-10,000 ($1,440), local media Jiemian said today, citing an internal notice.
However, not long after the report was published, Li Yunfei, general manager of BYD's brand and public relations division, said on Weibo that it was false information.
Jiemian's earlier report mentioned that the price of BYD's pure electric vehicle (EV) models had been raised by RMB 10,000 and the plug-in hybrid DM series would go up by RMB 6,000. Customers who have previously paid a deposit are not affected by this price increase.
This is due to a significant increase in raw material prices and the withdrawal of subsidies for NEV purchases in China, according to the notice in Jiemian's report.
The internal notice did not mention when the price hike would take effect, saying only that the exact timing would be communicated separately.
Jiemian quoted BYD insiders as saying that by the end of September, all models will likely have increased their prices.
The rumor comes at a time when BYD has a growing backlog of orders.
BYD has a backlog of 700,000 units and the current waiting time for consumers who placed orders to get deliveries is 4-5 months, the company's chairman and president Wang Chuanfu said in a recent conference call, according to a report by local media Yiche on September 2.
BYD's car deliveries in August were affected by power constraints and the Covid outbreak, but were up compared to July, Wang said, adding that the company will aim to achieve a monthly delivery of 280,000 units by the end of the year.
As a result of these factors, the BYD Seal, which recently began mass production, has now delivered more than 1,000 units, and deliveries of the model will improve significantly after two months of capacity creep, Wang said.
BYD has raised prices twice before, the last time on March 16, when it raised the official guide prices of its new energy models by RMB 3,000-6,000, saying this was due to the continued sharp rise in raw material prices.
Before that, on February 1, BYD raised the prices of NEVs by RMB 1,000-7,000, citing a sharp rise in raw material prices and the cut of subsidies for NEV purchases.
BYD sold 174,915 NEVs in August, the sixth consecutive month of record highs, according to a September 2 Hong Kong Stock Exchange announcement. The company stopped production and sales of vehicles powered entirely by internal combustion engines in March.