Shenzhen-based automaker BYD issued a statement on Tuesday, adjusting the official guide price of its Dynasty and Ocean series models by a range of 3,000 yuan to 6,000 yuan ($472-$943).
BYD Auto said that the price adjustment was affected by the continued sharp rise in raw material prices, but customers who paid a deposit when signing contracts before are excluded.
It is worth noting that on January 21 this year, BYD Auto issued a price increase notice. Due to the significant rise in raw material prices and the decline in subsidies for new energy vehicles (NEV) purchases, the company had adjusted the official guide prices of NEVs in the Dynasty and Ocean series, with an increase range of 1,000-7,000 yuan ($157-$1,101).
BYD will hold a conference on Thursday to launch the Destroyer 05 model. In addition, BYD Seal and BYD Frigate 07 were listed in the catalogue of China’s Ministry of Industry and Information Technology on Monday, and will soon enter mass production. The BYD Seal is 4,800×1,875×1,460 mm in length, width and height, with a wheelbase of 2,920 mm and a maximum combined power of 390 kW. The BYD Frigate 07 has a length, width and height of 4,820×1,920×1,750 mm, and a wheelbase of 2,820 mm.
Recently, Tesla China also raised prices twice in one week. On Tuesday, the premium versions of Tesla’s two main models, Model 3 and Model Y, increased by between 18,000 yuan and 20,000 yuan ($2,830-$3,144). But on March 10, the starting price of the same models has increased by 10,000 yuan ($1,572).
The price hikes are largely related to declining subsidies in China for NEVs, which reached 30% in 2022. However, other important factors are supply chain issues, a global chip shortage and rising raw material prices.