Tesla's competitor added that the price change could range between $1,500 up to $3,000. But, Xpeng did not provide the exact cost changes for all of its available electric vehicles.
As of the moment, various EV makers are also increasing the prices of their zero-emission cars. Tesla has already announced its own price hike.
Meanwhile, BYD, a Warren Buffett-backed automaker, also confirmed that its new energy vehicles are now more expensive.
Xpeng EV Price Hike To Arrive
According to CNBC's latest report, Xpeng's upcoming EV price hike was announced because the Chinese automaker suffers from the rise of raw material costs.
Right now, Xpeng is selling its popular Xpeng P7 Sedan and P5 Sedan EV. Aside from this, it is also offering its G3 sports utility vehicle.
The Chinese automaker also prepares for the launch of its new G9 SUV, which is expected to be launched before 2022 ends.
But, since essential battery components, such as nickel, are becoming more expensive, it seems like Xpeng will face several issues when it comes to production.
Should You Still Purchase EV?
There's no denying that EVs are now becoming more expensive compared to when the electric car industry was just rising.
However, Fort Worth Star-Telegram reported that you will still save a lot of money if you transition to EV, especially since fuel prices are rising in many countries.
"The best way to insulate yourself against the very volatile cost of fuel is to switch to something that has a very stable price, which is electricity," said Lori Clark, the coordinator for DFW Clean Cities Coalition.
Clark added that maintaining an EV is also cheaper compared to the maintenance for conventional vehicles.
In other news, Audi A6 Avant E-Tron has been confirmed. But, its actual production is not yet announced. Meanwhile, Geely's new EV battery auto swap stations are now being installed.
For more news updates about Xpeng and other electric car developers, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
