Exposed conference notes belonging to Chinese electric vehicle (EV) firm BYD have surfaced recently, showing that the price of many models are set to increase. In addition, four new production bases will be established to increase production capacity after May due to a large number of undelivered orders.
In January this year, BYD said that due to the sharp rise in raw material costs and the decline of subsidies for new energy vehicle purchases in China, it would adjust the price of models in its Dynasty and Ocean series by 1,000-7,000 yuan ($157-$1,102).
According to details disclosed in the conference notes, the prices of the Qin Dm-i, Qin EV and Song Dm-i each rose by 3,000 yuan. Meanwhile, the Song EV and Han series rose by 5,000 yuan apiece, while the Tang Dm-i, Tang Dm and Dolphin series rose by 3,000 yuan.
In terms of orders, due to the company’s advance statement regarding price increases, a large number of orders signed in January have not been delivered yet. As for the annual sales plan for 2022, BYD said that the minimum target is 1 million units, and that it would strive to sell 2 million units.
BYD also revealed new models to be unveiled, covering three series: Ocean, Dynasty and High-End. At present, there are 27 Dynasty models and 4 Ocean models on sale. A high-end brand named Tengshi is expected to be launched in April, with a price range between 500,000 and 1 million yuan.