With a shortage of raw materials around the world, China’s electric vehicle market is set to see prices soar.

Prominent E.V. maker Xpeng is set to increase the price of its vehicles from 10, 000 YUAN to 20,000.

Electric carmakers have been struggling with the rising costs of raw materials like nickel, a key component in batteries.

In addition to this, the global shortage of semiconductors continues to wreak havoc across the entire automotive industry.

This announcement from Xpeng follows other EV giants like Tesla imposing similar price hikes.

Extracted in full from: Why China will see a price soar in electric vehicles (tickernews.co)