SHENZHEN: Chinese automaker BYD Co. is raising the prices of its new-energy vehicles for a second time in less than two months, citing surging raw material costs.
The Shenzhen-based car maker that’s backed by Warren Buffett is increasing prices on its Dynasty and Ocean series of vehicles by 3,000 yuan (RM1,984) to 6,000 yuan (RM3,967), the company said in a post on Weibo late Tuesday.
Tesla Inc also hiked prices in China and the US twice in less than a week, with CEO Elon Musk warning the company is facing "significant” inflationary pressures around raw materials and logistics.
BYD is one of China’s biggest manufacturers of electric cars, leading deliveries of new-energy vehicles in February with shipments of 87,473 hybrid and pure-electric cars.
The price rise came into effect today.
The automaker said customers who had paid a deposit and signed contracts before the price hike was announced won’t be affected.
BYD previously raised prices in February by 1,000 yuan to 7,000 yuan, citing a sharp rise in raw material costs and the reduction in government subsidies for the purchase of battery-powered vehicles.
