Nio raises EV prices as costs climb

$NIO Inc(NIO.US)$ $NIO-SW(09866.HK)$ said on April 10 that it will raise the prices of its electric sports utility vehicles in China starting from May 10. It became the latest automaker to hike prices this year as the cost of raw materials soared, and a new covid outbreak in China disrupted production. Prices of Nio’s entire SUV lineup, including the ES8, ES6, and EC6, have all risen by RMB 10,000 ($1,569), while those of its two new sedans, the ET7 and ET5, remain unchanged for now. Nio’s chief executive William Li commented on the company’s user app, saying that $NIO Inc(NIO.US)$ struggles to bear the rising costs of materials as a new omicron outbreak weighs on China’s auto sector.
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