Following Tesla’s bold slashing of prices in China, other automakers followed its example and soon involved even traditional ICE car manufacturers in the fight for customers’ wallets, CarNewsChina reports.
Specifically, no less than 30 companies have introduced discounts on their cars over the past two months alone. BYD dropped the prices by an average of 6,888 Yuan, Exeed and Jetour by 10,000–31,000 Yuan, and Faw by between 5,000 and 37,000 Yuan. The maximum combined profit can pile up to 100,000 Yuan or even more if you know how to combine the discounts.
According to the publication, petrol car manufacturers had to join the price wars because the demand for new ICE models kept declining with more and more new buyers opting for EVs.
After Tesla’s infamous move that dropped prices across the board substantially, Seres and Xpeng were the first marques to follow its example. Certain trims of select Tesla EVs fell to just 2/3 of their normal U.S. price in China, rejuvenating the company’s sales in that country.