After announcing and deploying price increases on its electric vehicles (EVs), NIO is set to raise prices on the ET7 electric sedan.
NIO is planning to raise the starting price for its ET7 electric sedan on May 23, increasing the price by about $1,470, according to CnEVPost.
The news comes just as raw material prices are hitting many automakers, with the vast majority raising their prices as a result.
All NIO ET7 prices are set to increase by RMB 10,000 ($1,470 USD), though buyers can still pay for the deposit before May 22 to receive the current price and will likely still take delivery in 2022.
The announcement of price increases last month excluded the ET7 and ET5 sedans, which saw their prices increase already last month — though the recent announcement brings the ET7’s starting price up to RMB 458,000 ($67,462 USD).
NIO ES7 SUV Spotted Without Camo Wrap in the Wild [PICS] https://t.co/odfFAnOsDt
— TeslaNorth.com (@RealTeslaNorth) May 5, 2022
Buyers of NIO’s vehicles have the option to use a battery-as-a-service (Baas) battery rental program for 70,000 RMB ($10,310 USD) less than a variant with a stocked battery.
The BaaS offers buyers a rental fee for RMB 980 ($144 USD) per month for a standard range battery and RMB 1,680 ($247 USD) for an extended range battery.
NIO and other automakers also saw a major plunge in sales in April due to the COVID-19 surge causing nationwide lockdowns.