China’s top EV maker Nio will hike the prices on the latest models that are expected to hit the market in May 2022, including ES8, ES6, and EC6. Accordingly, the battery prices will also increase.

The new models will come with some significant updates to the intelligent hardware, including 8155 chips, Bird’s-Eye View (BEV), and 5G modules. 

In spite of the price increase, NIO decided to compensate car owners that they will offer cockpit post-installed hardware upgrade service at a discount. Meanwhile, NIO haven’t decided whether to increase the price for current models.

Another new energy vehicle maker LeapMotor have also adjusted the price for its models, up by between CNY 20,000 – 30,000. The price increase took effect on March 19, according to a LeapMotor official.

Surging raw materials prices and the chip shortage have pushed up the prices of vehicles. Many vehicle manufacturers have announced price hikes several times. Since March 15, Xpeng, Neta, LeapMotor, VM Motor, GreatWall ORA, Chery New Energy, Geely Geometry, BYD, Tesla, and a few other brands have all raised the prices of their cars.