SHANGHAI: Leading Chinese electric car manufacturer BYD Co has adjusted its product prices starting from Jan 1, citing the impact of reduced subsidies for new energy vehicles since November last year.
Official guidance prices will rise by between 2,000 yuan (RM1,277) and 6,000 yuan (RM3,809) for its various models, the company said on its official Weibo account.
BYD’s decision to raise prices comes as the industry’s year-on-year growth rate is slowing.
Deliveries of new-energy vehicles – pure electric and hybrid cars – to dealerships in China are expected to reach 6.5 million by the end of the year, and may touch 8.4 million in 2023, China’s Passenger Car Association said at a briefing earlier last month.
Like other automakers, BYD is also feeling the impact from China’s explosion in Covid cases.
A top executive said last month that production is being curtailed to the tune of at least 2,000 cars a day with around 20% to 30% of BYD’s staff unable to work because they’re quarantining at home.
Keyword: China's BYD raises car prices after subsidy cuts