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BYD Hikes Pricing for Dolphin Model Despite Slowing Car Demand

(Bloomberg) — BYD Co., China’s largest clean-car maker, has raised the price of its popular Dolphin and scrapped the entry-level version of the car. Just as demand for cars in China appears to be skyrocketing.

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Shenzhen-based BYD said 2023 pricing for the Dolphin subcompact hatchback will start at 116,800 yuan ($16,745) and rise to 136,800 yuan. Previously, all-electric dolphins started at around RMB 96,800, but the new version is around 20% more expensive.

With the addition of some additional colors, the new model offers a comfort mode in addition to the original three driving modes of energy saving, snow and sport, according to local media reports. A slight increase of 420 km (261 miles) versus 400 km on a single charge.

BYD’s decision to raise prices is an interesting move amid slowing consumer spending. Last week, the founder and CEO of rival EV maker Nio Inc. said cuts in government EV subsidies and a broader economic slowdown would erode local demand in the world’s largest new-energy vehicle market. He warned that the first half of the year will be tough because

The China Passenger Car Association said in a briefing earlier this month that deliveries of new energy vehicles (pure electric and hybrid vehicles) to Chinese dealers will reach 6.5 million by the end of the year, and will reach 8.4 million by 2023. said it was possible. Still, year-on-year growth has slowed.

Like other automakers, BYD is also feeling the effects of the spike in Covid cases in China. One executive said earlier this month that about 20% to 30% of BYD’s employees were unable to work because he was quarantined at home, and he was curtailing production of at least 2,000 cars per day. I said yes.

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