Neta, which sells most of its models for less than RMB 100,000, has raised the prices of its available models by RMB 3,000-5,000.

(Image credit: Neta)

Neta Automobile is the latest of many Chinese electric vehicle (EV) makers to increase prices as subsidies decrease and raw material prices rise.

Neta will adjust the prices of models currently on sale by RMB 3,000 ($472) - 5,000 yuan, the company said yesterday evening.

This is the result of a number of factors including rising upstream raw material prices and tight supply chain availability, it said in a statement.

The price adjustment is effective from 0:00 on March 18, and consumers who have previously paid a deposit will not be affected, Neta said.

Neta offers three models in China, the Neta V, Neta V Pro and Neta U Pro, most of which start at less than RMB 100,000.

The following Neta models' adjusted pricing, compiled by Autohome.

Earlier this year, with China's 30 percent reduction in subsidies for new energy vehicle (NEV) purchases compared to 2021, Neta had increased the prices of some models, and then suspended taking orders for one version of the Neta U Pro due to chip shortage.

Neta is the EV brand of Hozon Auto, which was founded in October 2014. The first Neta model was launched in November 2018.

Neta delivered 7,117 vehicles in February, up 255 percent year-on-year, but down 35 percent from 11,009 in January, data released by the company earlier this month showed.

In the first two months of the year, Neta delivered 18,126 vehicles, up 332 percent from 4,197 in the same period last year.

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