Customers planning to get a BYD car in China may need to hurry as the company has announced price increases that go into effect on the 1st of January.
The carmaker blames the decision on the expiration of the government’s EV subsidies and the increase in the raw materials’ prices.
BYD is raising the prices for its Dynasty and Ocean ranges. The Denza line of cars is also affected. Price increases are up to 6,000 yuan ($840).
However, buyers that get their orders in before the 1st of January will pay the current prices, as reported by CNEVPost.
China’s subsidies for New Energy Vehicles (NEVs) will expire on the night of the 31st of December. This means cars bought in the New Year do not qualify.
The other reason BYD raising prices is the cost of raw materials. The Chinese auto conglomerate claims raw material prices rose sharply in the 2nd half of 2022.
In sharp contrast, Tesla is cutting prices again in China. The first price cut was in October, but the EV company will reportedly have another round of price reductions to meet its sales goals.
BYD sold 217,816 NEVs in October to set an all-time record. It has also expanded its operation to Brazil, where it launched two cars.