Smart and Sustainable Electric Mobility
Li Auto is offering discounts ranging from RMB 35,000 to RMB 38,000, depending on the model, local media said.
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Chery New Energy has slashed the official guide prices of its cheaper Little Ant and QQ Ice Cream models by 7.7 percent to 16.7 percent.
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Jiyue has slashed the starting prices of both versions of the Jiyue 01 by RMB 30,000 and is compensating customers who have already taken delivery for the difference.
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Polestar has taken a page out of Nio's book by stripping out some of the perks, thus lowering the Polestar 4's starting price by 14 percent to RMB 299,900.
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Leapmotor has cut the prices of the BEV versions of its C01 sedan and C11 SUV by up to RMB 20,000 in response to increasing competition in China's EV market.
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The MG Mulan is a compact EV launched by the MG brand in September 2022 and a model for the global market.
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Cadillac has turned a package of benefits into an option that reduces the Lyriq's prices in China by RMB 60,000 and also offers a limited-time discount of RMB 18,000 on the model.
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NIO has been discussing this adjustment internally for a long time, and as of 3 am today the NIO team was still working on it, William Li said.
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NIO (NYSE: NIO) today announced the largest price and benifit adjustment in its history in an attempt to boost sales. The company's helmsman responded to the move.
NIO has been discussing the adjustment internally for a long time, with input and suggestions from some of its customers, William Li, the electric vehicle company's founder, chairman and CEO, said in a reply to an article in the NIO App.
The company had so much to consider for this that the NIO team was still working on it as of 3 am today, he said.
Now is the most appropriate time to announce the change, although the company still has some things to think about and can't make everyone happy, Li said.
NIO lowered the starting prices for all models by RMB 30,000 yuan ($4,200) starting today and made the battery swap service, which was previously offered four or six times a month for free, a paid option.
Under the latest pricing system, NIO's cheapest model, the ET5 sedan, starts at RMB 298,000, and if consumers choose to lease the battery with the BaaS (battery as a service) option, the vehicle starts at RMB 228,000.
The new ES6, which only went on sale and began deliveries late last month, starts at RMB 338,000 under the new pricing system and RMB 268,000 under the BaaS model.
In fact, many NIO supporters in China have been calling for the adjustment on social media for a long time.
NIO initially offered owners unlimited free battery swap service and free home charging piles, and scaled back the entitlement to six free services per month and a free home charging pile a few years later.
On April 10, the company announced that effective June 1, consumers who purchase the NIO ET7, EC7, ES7, and ET5 will no longer receive a free home charger, and the free battery swap entitlement will be adjusted to four times per month.
Since the free battery swap service is directly tied to the sale of NIO vehicles, it discourages potential consumers in areas where the number of battery swap stations is small from taking an interest in NIO vehicles, as they may believe that the cost of their vehicle purchase includes the battery swap service that they will not be able to enjoy in the short term.
At the same time, the high price of NIO vehicles means that its owner base is more likely to have a fixed parking space than other brands, and for these people, charging at home is cheap, making the free battery swap service redundant.
In a June 9 analyst call following NIO's first-quarter earnings announcement, Li said the company was considering adjusting customer benefits, such as free battery swap service that some owners may not need, hinting at today's move.
($1 = RMB 7.1435)
BREAKING: NIO cuts starting prices by $4,200 for all models and makes battery swap benefits optional
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BYD started offering discounts for the Yuan Plus and Dolphin, after it was already offering discounts for the Seal and Song Plus. | BYDDY.US | BYD HK
(Image credit: BYD)
BYD started offering discounts on two additional models in China, after they were previously available on two other models.
The new energy vehicle (NEV) maker announced today that customers can receive a discount of RMB 5,800 ($846) on both the Yuan Plus and Dolphin.
Moreover, both models are eligible for benefits including a 2-year zero-interest loan, up to two years of free on-board internet traffic, and a trade-in subsidy.
Customers who purchase the Yuan Plus at the time of trade-in will receive a RMB 1,000 subsidy, which is RMB 2,000 for the Dolphin.
Customers who purchase both models between April 14 and April 30 will be able to enjoy these benefits.
Currently, the BYD Yuan Plus and Dolphin have official starting prices of RMB 139,800 and RMB 116,800 respectively and are among BYD's best-selling models.
BYD sold 207,080 units of NEVs in March, up 97.45 percent from 104,878 units in the same month last year and up 6.93 percent from 193,655 units in February, according to data released earlier this month.
The Yuan family of models sold a record 40,400 units in March, making it the third highest-selling BYD model for the month. The family models include Yuan Pro and Yuan Plus.
BYD Dolphin also sold a record 30,077 units in March, up 186.42 percent year-on-year and up 31.56 percent from February.
Previously, BYD was already offering discounts for the Seal and Song Plus.
On March 9, BYD announced that customers who order BYD Song Plus series models in March will receive a discount of RMB 6,800, or RMB 8,800 for the Seal.
This is a limited-time marketing campaign valid from March 10 to March 31, BYD said at the time.
On April 7, BYD extended the campaign to offer discounts on the Seal with Song Plus until April 30, and the discounts are higher.
($1 = RMB 6.8534)
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In January-February, Chery's NEV sales were 13,293 units, down 57.6 percent from 31,367 units in the same period last year.
(Image credit: Chery New Energy)
Chinese auto giant Chery's new energy vehicle (NEV) division has slashed the prices of several models, becoming the latest car company to do so.
Chery New Energy announced today that official guide prices for three of its NEV models has been cut by up to 9,000 yuan ($1,310) starting at 00:00 on March 27.
The reduction covers the QQ Ice Cream, Little Ant and Wujie Pro, with the Little Ant's 408km range seeing an RMB 9,000, or 8.74 percent, price cut.
The QQ Ice Cream priced at RMB 39,900 saw a price reduction of RMB 4,000, or 10 percent.
Following this reduction, the QQ Ice Cream's latest starting price range is RMB 35,900 to RMB 45,900, the Little Ant is RMB 64,999 to RMB 94,000, and the Wujie Pro is RMB 84,900 to RMB 110,900.
This is due to the global price correction of new energy materials and the company's cost control and supply chain management capabilities, Chery New Energy said in an announcement.
The price of lithium carbonate, a key raw material for batteries, has fallen sharply in the past few months, with the current price having dropped about 50 percent from its high point last November.
As of March 24, the average price of battery-grade lithium carbonate in China was RMB 277,500 per ton and industrial-grade lithium carbonate was RMB 235,000 per ton, according to data from Mysteel monitored by CnEVPost.
While Chery New Energy attributed the price cuts to lower raw material prices, the recent price war in the Chinese auto industry and its weak performance so far this year may be the bigger reasons.
After Tesla cut prices earlier in the year, several NEV makers followed suit. Earlier this month, multiple traditional internal combustion engine automakers launched price wars with steep discounts.
These moves have increased the consumer's wait-and-see attitude toward car purchases and disrupted the industry, and last week, the China Association of Automobile Manufacturers (CAAM) called on all parties to help return the industry to normalcy.
For Chery, its performance at the beginning of the year was weak.
In January-February, Chery's NEV sales were 13,293 units, down 57.6 percent from 31,367 units a year earlier, according to data from the China Passenger Car Association (CPCA) monitored by CnEVPost.
($1 = RMB 6.8819)
CAAM calls for return to normal order in China's auto industry as price war disrupts sector
| Model | Version | Previous Price (RMB) | Latest Price | Change | Change % |
|---|---|---|---|---|---|
| QQ Ice Cream | 120 km Milkshake | 39,900 | 35,900 | -4,000 | -10.03% |
| QQ Ice Cream | 120 km Cone | 43,900 | 39,900 | -4,000 | -9.11% |
| QQ Ice Cream | 170 km Sundae | 49,900 | 45,900 | -4000 | -8.02% |
| Little Ant | 251 km Hot Love | 69,999 | 64,999 | -5,000 | -7.14% |
| Little Ant | 301 km True Love Plus | 82,999 | 77,999 | -5,000 | -6.02% |
| Little Ant | 301 km Half Sugar | 82,900 | 76,900 | -6000 | -7.24% |
| Little Ant | 408 km Full Sugar | 103,000 | 94,000 | -9,000 | -8.74% |
| Wujie Pro | 301 km Moshou | 89,900 | 84,900 | -5,000 | -5.56% |
| Wujie Pro | 301 km Lingshou | 94,900 | 89,900 | -5,000 | -5.27% |
| Wujie Pro | 301 km Shenshou | 99,900 | 94,900 | -5000 | -5.01% |
| Wujie Pro | 408 km Moshou | 105,900 | 100,900 | -5,000 | -4.72% |
| Wujie Pro | 408 km Shenshou | 115,900 | 110,900 | -5,000 | -4.31% |
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