A fierce price war has broken out in the world’s largest automobile market. In March, Volkswagen’s Chinese joint venture cut prices on its ID.3 electric cars by 18%, while Changan Automobile offered $3,000 cash rebates and other incentives for its electric vehicles. Over 40 carmakers have discounted electric and gas-powered vehicles in China this year. China’s car sales fell 13% in the first three months of 2023, with traditional automobile sales plunging and electric vehicle growth slowing. The price competition has unsettled the market, which was a pillar of strength in recent years. The price war is expected to continue as companies strive to produce electric vehicles in large quantities.
>>Join our Facebook Group be part of community. <<