XPeng Raises EV Prices By Up to $4,720

Guangzhou-based electric vehicle manufacturer XPeng Motors raised prices for all three of its main models on Monday.

Specifically, only the price of the limited P7 562E Wing Performance Edition has not been increased, while other models have seen prices raised by varying degrees. The increases of the P7 670G, 670N and 670N+ models are the smallest, about 10,000 yuan ($1,574). The price increases of P7 670E and 670E+ models are significant, both of which exceed 30,000 yuan ($4,720), reaching a maximum of 32,600 yuan. After the price increase, the starting price of the XPeng P7 has reached 239,900 yuan.

In contrast, the price increases of the XPeng P5 and G3i are milder, basically in the range of 10,000-15,000 yuan. However, the 600P version of the XPeng P5 has reached 242,900 yuan after the price increase, and the price is higher than the basic version of P7.

On March 18, XPeng Motors released an announcement regarding the price adjustment of its EV models, saying that the pre-subsidy price of its products will be raised by 10,100-20,000 yuan, to take effect from March 21. Now it seems that the actual price increase exceeds that in the previous announcement of the company.

XPeng Motors added that the price increase was mainly due to the continuous sharp rise in raw material prices. A sales consultant of XPeng Motors issued a statement via WeChat saying that in addition to the price increase, the free charging rights and other favorable rights will also be cancelled.

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On January 11 this year, XPeng Motors completed a round of price increases. According to its official website, the average price increase of all models is about 5,000 yuan. Among them, the price of the XPeng P7 after subsidy is 224,200-409,900 yuan, up 4,300-5,900 yuan. The price of the XPeng P5 after subsidy is 162,700-229,300 yuan, up 4,800-5,400 yuan. Finally, the price of the Xpeng G3i after subsidy is 154,600-193,200 yuan, up 4,800-5,400 yuan. The configuration of all EVs has not changed.

Like XPeng Motors, many new energy vehicle brands, including Tesla, BYD, Honzo Auto and GAC AION have made price increases in early 2022. Tesla has raised prices three times in the last week.