Tesla, Xpeng, Li Auto, Nio, BYD: How EV Prices Are Looking Like In China With Latest Hikes

Leading electric vehicle makers have recently rushed to hike prices in China amid chip shortages and rising raw material costs. 

While Tesla Inc TSLA was among the first automakers to announce the increases, local rivals such as BYD Co BYDDY and Xpeng Inc XPEV were not far behind.

Tesla’s consolidated price hikes in China were steep as it announced the increases in three installments in one week.

In comparison, Shenzhen-based BYD, which is backed by Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett, followed suit and announced a hike as well. 

Note: This Above graphic applies only for China and has been updated as of March 22, 2022.

Li Auto Inc LI is still exploring the range of price increases. The EV maker’s CEO Li Xiang has reportedly said the battery costs have risen by a ridiculous amount in the second quarter.

Nio Inc NIO, which relies on battery-swapping services, has said it does not plan to increase prices as of now, while Li Auto LI has not yet announced any price hike plans.

Photo courtesy: Tesla, Graphic: Ramakrishnan M/Benzinga