U.S. listed Chinese Xpeng Inc (NYSE:XPEV) is expected to raise prices of its entire portfolio of vehicles beginning Monday, CnEVpost reported, citing local tech outlet Mydrivers.
What Happened: The Guangzhou-based Xpeng is expected to hike prices by $1,560 to $3,152 for its different models including the flagship P7 sedan, P5 sedan and G3i SUV.
This would be Xpeng’s second price hike this year after it raised prices in January.
Xpeng’s sales team is reportedly reaching out to potential customers over the phone with the information.
See Also: Warren Buffett-Backed Chinese EV Maker Follows Tesla In Hiking Prices As Material Costs Pinch
Why It Matters: Several automakers including Tesla Inc (NASDAQ:TSLA) and BYD Co (OTC:BYDDY) have raised the prices of their electric vehicles due to inflationary pressures.
Tesla on Tuesday hiked prices for the second time in less than a week. The moves followed CEO Elon Musk’s tweet warning the EV maker was facing significant inflationary pressure on raw materials and logistics.
Price Action: Xpeng stock closed 28.7% higher at $27.5 a share on Wednesday.
Photo: Courtesy of Xpeng
