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According to Car News China, citing Mr. Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), there were 195 car models in China that witnessed price reductions in the first nine months, surpassing the numbers from the entire 2023 (150 models) and 2022 (95 models).
New energy vehicles saw the most significant price drops, with plug-in hybrid (PHEV) and pure electric vehicles experiencing approximate declines of 13%. Specifically, 29 PHEV models reduced their prices, with an average decrease of 24,000 CNY (roughly 3,400 USD), while 69 pure electric cars followed suit, lowering prices by an average of 23,000 CNY (about 3,255 USD).
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Nearly 70 pure electric cars in China have seen price reductions since the beginning of the year. Image: Geely. |
The average price drop for 13 hybrid models was 15,000 CNY (about 2,120 USD), while 13 range-extended vehicles saw a 7.6% average decrease, equivalent to 14,000 CNY (about 1,980 USD).
In the same nine-month period, 71 pure gasoline-powered car models reduced their prices by an average of 15,000 CNY (about 2,120 USD), or 9.3%. According to Car News China, price fluctuations in this segment were largely influenced by price cuts on imported vehicles.
The price adjustments in the new energy vehicle segment have also prompted some mid- to high-end pure gasoline-powered car models in China to follow suit with significant price reductions.
Car News China further notes that price cuts are one of the strategies automakers employ to stimulate sales. From a business perspective, while car companies may see an increase in sales, they are selling vehicles at a loss.
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