Chinese electric automaker Nio said it is increasing prices and suspending production due to the coronavirus crisis that caused supply chain disruption.
Nio announced it would increase the prices for its three SUVs — the ES8, ES6 and EC6 — by 10,000 yuan ($1,569), effective May 10.
Prices of its latest ET7 and ET5 sedans would remain the same.
Raw material prices, particularly those for batteries, have increased a lot this year with no downward trend in sight for the near term, CEO William Li said.
“Originally [we] thought we could bear it, but now with this coronavirus crisis it’s even harder to bear,” he said.
“We have no alternative but to raise prices. Please be understanding.”
Nio in a different announcement said it suspended production because of Covid-related restrictions in the last weeks in China that halted production at suppliers’ factories.
