BYD increases price of EVs, hybrids on input costs, subsidy end

HONG KONG: Chinese electric vehicle giant BYD Co. is raising the price of some cars, blaming changes in government subsidies and volatile raw material costs.

The Warren Buffett-backed maker of electric vehicles, the batteries that power them and semiconductor chips, will raise prices by between 2,000 yuan to 6,000 yuan (RM1,260 to RM3,778), depending on the model, it said on its official Weibo account on Wednesday.

BYD cited the phase out of Chinese subsidies for pure electric and hybrid vehicles at the end of the year.

Customers who pay deposits for vehicles before Jan. 1, 2023 won’t be affected by the price hike.

In contrast, Tesla Inc. last month cut the price of China-made models as competition intensifies in the world’s largest market for electric vehicles.

BYD continues to benefit from strong sales in its home market, selling 217,518 passenger vehicles in October, up 172% from a year earlier.