EV shares gained in premarket trading.
XPeng rose nearly 4%; Li Auto rose about 3%; Tesla, Fisker, Faraday Future rose 1%.
Tesla will raise prices in China on April 1, with the Model Y's price to be hiked by RMB 5,000, according to a report from local media outlet Cailian today.
Tesla's current insurance subsidy of RMB 8,000 and paint reductions of up to RMB 10,000 for stock vehicles will expire on March 31, the report noted.
The upcoming price hike means an actual price increase of up to RMB 23,000 for the Model Y, the story noted.
Tesla has already announced in North America and Europe that the Model Y will increase in price by $1,000 and €2,000, respectively, starting April 1.
Xpeng saw record revenue in the fourth quarter, net loss narrowed significantly and gross margin turned positive.
The company reported revenue of RMB 13.05 billion ($1.84 billion) in the fourth quarter of 2023, up 153.9 percent from the same period in 2022 and up 53.0 percent from the third quarter of 2023, according to its unaudited financial results announced today.
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