BYD Auto lifts prices of some NEV models due to raw materials price rise

Shanghai (Gasgoo)- Chinese automaker BYD Auto announced on Tuesday it would bump up prices by 3,000 yuan ($470) to 6,000 yuan ($940) for several new energy vehicle (NEV) models of the Dynasty and Ocean lineups due to the continuous hike in raw materials prices.

The adjustment came into effect at zero o'clock a.m. on March 16, only 10 minutes after the policy was released.

Qin PLUS DM-i; photo credit: BYD

Specifically, the price of the Tang DM-i, the Song Pro DM-i, and the Qin PLUS DM-i was raised by 3,000 yuan ($470), while the Song PLUS EV, the Qin PLUS EV, the Yuan PLUS, the Yuan Pro, and the Dolphin all recorded a price increase of 6,000 yuan ($940).

It is worth noting that it was the second-time price rise BYD Auto announced this year. On January 21, the automaker said it would lift the guidance prices of some NEV models of the Dynasty and Ocean families by 1,000 yuan ($160) to 7,000 yuan ($1,100) because of the jump in raw materials prices and the NEV subsidy reduction. However, the policy had not been effective until February 1.

BYD sold a total of 181,451 NEVs during the first two months of 2022, representing a 494.28% surge year-on-year. Nevertheless, its year-to-date oil-fueled vehicle sales plunged 84.6% to only 5,049 units.