Chinese EV maker BYD raises prices citing jump in raw materials costs

Due to the impact of continued rises in raw material prices, BYD has officially guided Wang Chao Business and Ocean Network Business to adjust prices
...
BYD is one of the largest EV makers in China, and also has a solid presence in the global markets, especially Europe. (HT Auto/Prashant Singh)
BYD is one of the largest EV makers in China, and also has a solid presence in the global markets, especially Europe.

Chinese electric vehicle (EV) maker BYD Co Ltd late on Tuesday said it would raise prices on its cars by 3,000-6,000 yuan ($471-942), citing the rising cost of raw materials.

The price increases will take effect from Wednesday, it said, adding that customers who had paid deposits on vehicles prior to then would not be affected.

"Due to the impact of continued rises in raw material prices, BYD has officially guided Wang Chao Business and Ocean Network Business to adjust prices on relevant EV models," it said in a statement on its official Weibo account, referring to its sales channels.

Also check these Vehicles

Find more Cars
Byd E6 (HT Auto photo)
71.7 kWh 130 Kmph 415 km
₹ 29.15 Lakhs
Compare
View Offers
Byd Seal (HT Auto photo)
UPCOMING
82.5 kWh 200 Kmph 700 km
₹ 55 - 60 Lakhs
View Details
Byd Seagull (HT Auto photo)
UPCOMING
38 kWh 405 km
₹ 10 Lakhs
View Details
Byd Atto 3 (HT Auto photo)
60.48 kWh 160 Kmph 521 km
₹ 33.90 Lakhs
Compare
Kabira Mobility Km 5000 Ev (HT Auto photo)
UPCOMING
11.6 kwh 188 kmph 344 km
₹ 3.15 Lakhs
View Details
Battre Electric Mobility Battre Electric Loev (HT Auto photo)
3.1 kWh 65 Kmph 60 km
₹59,900
Compare

The announcement comes a day after Tesla Inc raised its prices in China and the United States for the second time in less than a week. Tesla Chief Executive Elon Musk has also said the U.S. electric carmaker was facing significant inflationary pressure in raw materials and logistics.

The cost of raw materials is surging, exacerbated by supply chain disruption following Russia's invasion of Ukraine. Russia calls its actions in Ukraine a "special operation".

In particular, prices of metals used in cars have soared, including aluminium that is used in the bodywork, palladium used in catalytic converters, and nickel and lithium that power EV batteries.

First Published Date: 16 Mar 2022, 07:13 AM IST
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.