HiPhi previewed the price hike earlier this month, saying it was because the two long-range versions accounted for a larger-than-expected share of orders.

(Image credit: CnEVPost)

Chinese premium electric vehicle (EV) maker Human Horizons' HiPhi brand has raised the starting prices of two long-range versions of its HiPhi Y SUV by 10,000 yuan ($1,370), after teasing the planned price hike earlier this month.

HiPhi launched the HiPhi Y, its third model after the ultra-luxurious HiPhi X and HiPhi Z, on July 15, with deliveries starting on July 29.

There are four variants of the HiPhi Y available, previously starting at RMB 339,000, RMB 369,000, RMB 399,000 and RMB 449,000 respectively.

The company today announced that the prices of the two lower-priced versions of the HiPhi Y remain unchanged, while the starting prices of the two higher-priced, longer-range versions have been increased by RMB 10,000 each.

Following that adjustment, the starting prices of the two more expensive versions of the HiPhi Y will be RMB 409,000 and RMB 459,000, respectively.

The price hike will take effect from 0:00 Beijing time on September 1, and customers who lock in their orders before then will not be affected, HiPhi said.

Both the less expensive versions of the HiPhi Y have a battery pack capacity of 76.6 kWh and a CLTC range of 560 kilometers.

Both its pricier versions have a battery pack capacity of 115 kWh packs and CLTC ranges of 810 km and 765 km, respectively.

HiPhi said on August 21 that it would increase the starting prices of the two longer-range variants of the HiPhi Y in September, saying this was because they accounted for a larger-than-expected share of orders.

HiPhi had originally considered setting the starting price of the HiPhi Y at RMB 369,000, RMB 1,000 higher than the starting price of the new Nio ES6 at launch.

On June 12, Nio canceled the free battery swap entitlement, thereby lowering the starting prices of all new models by RMB 30,000. The starting price of the new ES6 became RMB 338,000 after this move.

When HiPhi launched the HiPhi Y on July 15, it set the SUV's starting price at RMB 339,000, RMB 1,000 higher than the adjusted price of the new ES6.

HiPhi's price hike move is different from other EV companies that have cut prices to boost sales. EV makers including Neta Auto, Zeekr, and Tesla (NASDAQ: TSLA) have all cut prices in the last two months.

($1 = RMB 7.2895)

HiPhi launches HiPhi Y with starting price almost same as Nio ES6 to target mainstream premium EV market