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HomeAutomobileXpeng hikes worth of electrical automobiles after Tesla as materials prices rise

Xpeng hikes worth of electrical automobiles after Tesla as materials prices rise

A Xpeng P7 electrical automotive is on show throughout the 18th Guangzhou Worldwide Car Exhibition at China Import and Export Truthful Complicated on November 20, 2020 in Guangzhou, Guangdong Province of China.

VCG | Visible China Group | Getty Photos

Chinese language electrical car maker Xpeng will hike the worth of its automobiles citing a pointy rise in the price of uncooked supplies.

Xpeng mentioned from Mar. 21, worth will increase on its automobiles will vary from 10,100 Chinese language yuan ($1,587) to twenty,000 yuan earlier than subsidies. The corporate didn’t give a breakdown of the precise worth rises for every of its fashions.

Xpeng at present sells the flagship P7 sedan, the P5 sedan and the G3 sports activities utility car. It’s gearing as much as launch the G9 SUV later this yr.

Electrical carmakers have been scuffling with rising costs of raw materials such as nickel, which is a key part of batteries. Different elements equivalent to semiconductors proceed to be briefly provide, providing another headwind for Xpeng and its rivals equivalent to Nio.

Xpeng will not be the primary electrical car firm to lift costs. Over the past week, Tesla has executed several price hikes throughout various models of its cars.

Earlier this week, Warren Buffett-backed automaker BYD additionally raised the costs of its new power automobiles, which incorporates electrical automobiles.

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