15 Chinese EV Makers Hike Prices in May 2026, Up to ¥20,000 Per Vehicle

On May 17, 2026, China's new energy vehicle (NEV) market witnessed a new wave of price hikes. Fifteen major automakers—including Changan Qiyuan, GAC Aion, Volkswagen’s ID series, and Toyota’s bZ4X—announced increases in vehicle prices, with some models seeing price jumps of up to RMB 20,000 per unit. This round of price adjustments is primarily driven by multiple cost pressures: automotive-grade memory chip prices surged by 180% within three months, with spot prices for high-end DDR5 chips rising over 300%, adding RMB 3,000 to RMB 7,000 to the per-vehicle cost of models equipped with advanced driver-assistance systems. Lithium carbonate prices climbed from RMB 75,000 per ton at the beginning of the year to nearly RMB 200,000 per ton—a rise exceeding 125%. Meanwhile, base metal prices such as copper and aluminum also increased, raising material costs for a mid-sized electric vehicle by approximately RMB 1,800 for these two metals alone. Compounding these pressures, the expiration of the NEV purchase tax reduction policy has further strained automakers’ margins. As a result, the overall profit margin for China’s auto industry stood at just 3.2% in the first quarter of 2026, significantly below the manufacturing sector’s average of 6%. Industry insiders anticipate that emerging brands like Leapmotor may follow suit with price increases between May and June, suggesting the upward pricing trend could continue to spread.