Nio Inc NIO is bumping up the price of its premium electric sedan ET7 from May 23 onwards due to an increase in global raw material prices, CnEVpost reported on Friday, citing the electric vehicle maker.
What Happened: Shanghai-based Nio will hike the starting prices of all ET7 models by $1,470 later this month.
Customers who book the model before May 22 and receive delivery within the year would not be affected by the price change, the report said, citing Nio.
ET7 models would be priced at $68,700 to $80,400 after the price change for the pioneer version.
Nio did not immediately respond to Benzinga’s request for comment.
Why It Matters: Nio has in March resisted price hikes even as bigger rival Tesla Inc TSLA rushed to increase prices in the U.S. and China multiple times due to rocketing raw material prices.
Other EV makers including Li Auto Inc LI, Xpeng Inc XPEV, and BYD Co BYDDY too had announced price hikes then.
Nio had finally in April announced its plans to hike the price of its vehicles as well as its battery-as-a-service rental prices beginning May 10.
Price Action: Nio closed 3% higher at $13 on Wednesday.