Price wars: 195 models of Chinese cars fell in price this year

While Ukrainian leaders were preparing a tax increase that would have caused a 15% rise in the price of cars for UkrainiansThe opposite is true in China. According to Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), from January to September this year, a total of 195 car models were reduced in price.

This exceeded the result of the whole of 2023, when 150 models fell in price. In 2022, prices were reduced for 95 models.

So-called new energy vehicles are becoming cheaper the most noticeably. Plug-in hybrid cars and electric cars became more affordable by more than 13%. Looking at the categories more specifically, the following conclusions can be drawn:

• 71 models with a gasoline engine were reduced in price by an average of $2140 or 9.3%;
• 13 hybrid models were reduced in price by an average of $2140 or 8.4%;
• 29 plug-in hybrid models fell by an average of $3420 or 13.7%;
• The 13 extended range models were reduced in price by an average of $2000 or 7.6%;
• 69 electric vehicles fell in price by an average of $3280 or 13.5%.

At the same time, prices for mild hybrids and extended-range vehicles declined slightly. At the same time, due to lower prices for electric vehicles, some mid- and high-end gasoline cars also started to become significantly cheaper.

Price reductions are one of the most important ways to stimulate car sales. Some automakers, although they have achieved an increase in sales, are selling cars at a loss. Li Shufu, chairman of Geely, warned of the possible consequences of the price war, such as the emergence of counterfeiting and the sale of fake products.

Source: carnewschina