Leading electric vehicle makers have recently rushed to hike prices in China amid chip shortages and rising raw material costs.
While Tesla Inc (NASDAQ: TSLA) was among the first automakers to announce the increases, local rivals such as BYD Co (OTC: BYDDY) and Xpeng Inc (NYSE: 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.
Li Auto Inc (NASDAQ: 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 (NYSE: NIO), which relies on battery-swapping services, has said it does not plan to increase prices as of now, while Li Auto (NASDAQ:LI) has not yet announced any price hike plans.
Photo courtesy: Tesla, Graphic: Ramakrishnan M/Benzinga
