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Inflation

BYD to hike EV prices on higher material costs, end of subsidies

Hike will apply on Jan. 1, raising possibility of last-minute demand surge

BYD's new vehicle sales have been growing at a rapid clip, reaching 1.4 million vehicles in the first 10 months of 2022. (Photo by Takashi Kawakami)

GUANGZHOU -- Chinese electric vehicle leader BYD will raise prices of electric vehicles and plug-in hybrid cars domestically on Jan. 1 in response to soaring raw material prices for batteries and as government subsidies run out at the end of the year.

The price increase ranges from 2,000 yuan to 6,000 yuan ($280 to $840) and targets such models as the Dynasty and Ocean series, which encompass the company's mainstay electric vehicles and plug-in hybrid vehicles. BYD announced the hike on the social networking site Weibo.

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