The affordable T03 is Leapmotor's main seller, with 39,149 units delivered in 2021.

(Image credit: Leapmotor)

After raising the prices of its flagship SUV, the C11, on March 19, electric vehicle startup Leapmotor has raised the prices of its main-selling T03 by as much as 7,000 yuan ($1,100).

Leapmotor announced the price increase in a statement released Friday evening, saying it was influenced by factors including rising upstream raw material prices.

The price adjustment is effective from 0:00 on March 26, and consumers who have paid a deposit before then are not affected.

Leapmotor leaves little opportunity for potential consumers to buy at a lower price. Its statement was released at 19:56 on Friday evening and suspended taking new orders for T03 from 20:00 until the price increase takes effect.

Leapmotor's statement did not announce the extent of the price increase, although information on its official website shows that the T03 has two versions with a price increase of RMB 5,000 and three versions with an increase of RMB 7,000.

The model was previously priced in the range of RMB 68,900 - RMB 84,900 and is now priced at RMB 73,900 - RMB 89,900.

Leapmotor was founded in 2015 and currently sells the small EV T03, the S01 coupe and the C11 flagship SUV.

The company filed the first version of its prospectus with the Hong Kong Stock Exchange on March 17, hoping to list there.

It delivered 43,748 EVs in 2021, including 634 S01s, 39,149 T03s and 3,964 C11s, its prospectus showed.

On March 19, Leapmotor raised the prices of the C11 by RMB 20,000-30,000.

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