XPEV - NIO follows other EV makers in hiking prices on rising raw material prices

Hit by sharp increase in global raw material prices, NIO (NYSE:NIO) has increased prices for three of its model and battery rental service BaaS (Battery as a Service). Model ES8, ES6 and EC6 will increase by RMB 10,000 ($1,570), while the starting prices of the ET7 and ET5 sedans will remain unchanged. The price rise is effective May 10. "Raw materials, especially battery material prices have gone up too much this year, and no downward trend can be seen in the near future," said William Li, founder, chairman and CEO of NIO, adding that the company originally intended to bear that pressure itself, but was forced to raise prices under the new impact of the Covid outbreak. Most of the EV maker, including Tesla (TSLA), XPeng Motors (XPEV), and Li Auto (LI) have raised their prices in late March, but NIO quoted it has no plans to increase the prices of any of its

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NIO follows other EV makers in hiking prices on rising raw material prices