Even the cheapest models are not spared in this wave of electric vehicle price hikes in China.

(Image credit: SAIC-GM-Wuling)

SAIC-GM-Wuling announced yesterday evening that it will adjust the official guide prices of its Wuling Hongguang Mini EV series, Wuling Nano EV models, and Baojun KiWi EV models due to factors including continued sharp increases in upstream raw material prices.

The price increase for these models will be RMB 4,000-8,000 ($1,255) and will take effect from 0:00 on March 24, SAIC-GM-Wuling's announcement said.

The announcement was made at 23:51 yesterday, leaving potential consumers less than 10 minutes to place an order at the prices before the hikes.

Information on SAIC-GM-Wuling's website shows that the current starting price range for the Mini EV is RMB 32,800 - RMB 49,800, the Nano EV is RMB 56,800 - RMB 66,800 and the KiWi EV is RMB 77,800 - RMB 86,800.

Given the low prices of these models, the increases are much more noticeable than other electric vehicle companies that sell at higher prices.

It is worth noting that this is not the first time SAIC-GM-Wuling has raised prices this year.

Prices for two versions of the two-seat-only Nano EV, which went on sale last November, were raised by RMB 3,000, or 6 percent, effective February 1.

SAIC-GM-Wuling is a joint venture between SAIC Group, General Motors and Liuzhou Wuling Automobile, headquartered in Liuzhou city in southwestern China's Guangxi Zhuang Autonomous Region.

The company is aiming for annual sales of 1 million new energy vehicles (NEVs) by 2023, it said earlier this month.

SAIC-GM-Wuling, which has a GSEV (Global Small Electric Vehicle) architecture focused on the small pure electric vehicle market, has accumulated 800,000 NEV sales to date, it said.

SAIC-GM-Wuling previously announced figures showing it sold 1,760,176 units of all models in 2021, up 13.5 percent from a year earlier. Sales of the GSEV model were 452,238 units, up 160 percent year-on-year.

Cumulative sales of the company's best-selling Hongguang Mini EV exceeded 550,000 units by the end of last year.

SAIC-GM-Wuling aims for 1 million annual NEV sales by 2023