Smart and Sustainable Electric Mobility
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.
(Image credit: CnEVPost)
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.
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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.
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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.
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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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The offer has a deadline of April 30, and SAIC-Volkswagen plans to offer up to RMB 3.7 billion in subsidies for car purchases.
(A screenshot from SAIC-Volkswagen's website shows the automaker's marketing of discounts.)
A Volkswagen joint venture in China has started offering official discounts as the price war in the Chinese auto industry continues.
SAIC-Volkswagen is offering limited-time discounts of up to RMB 50,000 yuan ($7,250) on its entire model lineup, the Volkswagen-SAC joint venture announced yesterday.
The offer has a deadline of April 30, and SAIC-Volkswagen plans to provide up to RMB 3.7 billion in subsidies for car purchases, according to a poster on its website.
The campaign involves 20 SAIC-Volkswagen models, the vast majority of which are conventional internal combustion engine vehicles, that can enjoy discounts ranging from RMB 15,000 to RMB 50,000.
The Volkswagen Phideon, with an official guide price of RMB 343,000 to RMB 449,000, received an RMB 50,000 discount, while most other models received discounts of RMB 25,000 to RMB 30,000.
SAIC-Volkswagen is offering discounts of RMB 20,000 for the ID.3 pure electric vehicle and RMB 30,000 for both the ID.4 X and ID.6 X.
In addition to the cash discounts, SAIC-Volkswagen is also offering trade-in benefits of up to RMB 12,000, as well as a zero-interest entitlement for 2-to-5-year loans.
One of the reasons SAIC-Volkswagen chose to cut prices is that the company is responding positively to China's policies as well as the consumer environment, sources at the automaker were quoted as saying in a report by Beijing News today.
On the other hand, SAIC-Volkswagen was able to get closer to consumers after the marketing changes and respond more quickly to consumer feedback, the source said.
Last week, both SAIC-Volkswagen and FAW-Volkswagen, another Volkswagen joint venture in China, began offering discounts of up to 40,000 yuan on ID. family models as the price war in China's auto industry intensified.
Volkswagen is one of the top car companies in China in terms of vehicle sales. SAIC-Volkswagen's retail sales in February were 74,013 units, down 7.7 percent from a year earlier, with a 5.3 percent share of the Chinese auto market, according to data released earlier this month by the China Passenger Car Association (CPCA).
FAW-Volkswagen sold 110,511 units in February, up 5.3 percent year-on-year, with an 8 percent share in China.
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The price war in China's auto industry has intensified the wait-and-see mood among car buyers, and Li Auto's move helps to allay potential consumers' concerns to some extent.
Li Auto US | Li Auto HK
(Image credit: Li Auto)
As the price war in China's auto industry continues, Li Auto (NASDAQ: LI) is telling consumers that it won't be cutting prices, at least they don't need to worry about it in the short term.
An image circulating on the Chinese internet on March 13 shows Li Auto rolling out a consumer price protection policy covering all of the company's currently available models -- the Li L7, Li L8 and Li L9.
For consumers who purchase these models, if the prices drop within 90 days of their order, then Li Auto will refund the difference.
The policy is in effect from March 11 to March 31, and the price reduction Li Auto refers to includes both a drop in the vehicle's official prices and the cash-off benefits the company offers, according to the image.
In a report today, local media outlet The Paper quoted Li Auto salespeople as saying the image is true.
The policy, which is available to consumers when they purchase the Li L7, Li L8 and Li L9, is primarily intended to make clear to them that Li Auto will not be dropping prices, the salesperson said.
On March 2, Li Auto founder, chairman and CEO Li Xiang said on Weibo that the price of lithium carbonate would be drastically reduced no matter what because the demand is far less than expected.
He said at the time in the comments section of that Weibo that Li Auto's models would not be reduced in price.
Notably, a wave of price cuts then began in the Chinese auto industry, with some internal combustion engine automakers starting to offer huge discounts.
The increasing number of car companies joining the price war has also led to an increased wait-and-see sentiment among consumers to avoid seeing price cuts soon after purchasing a car.
Li Auto's move will partly contribute to allaying the company's potential consumers' concerns and thus help it achieve its sales targets.
Li Auto has an internal goal of 25,000-30,000 monthly deliveries and will aim to meet that goal in the second quarter, its management said in a February 27 analyst call after announcing fourth-quarter earnings.
The company delivered 16,620 vehicles in February, up 9.77 percent from 15,141 in January and up 97.53 percent from 8,414 in the same month last year.
Li Auto guided for deliveries of 52,000 to 55,000 vehicles in the first quarter when it reported fourth-quarter earnings. The company's delivery figures for February mean it is on track to deliver 20,239 to 23,239 vehicles in March.
China auto price war: BMW dealers offer discounts of up to $14,360 for i3
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FAW-Volkswagen's retail sales of NEVs in January-February were 9,572 units, down 8.3 percent from 10,442 units in the same period last year.
The price war in China's auto industry continues, with Volkswagen becoming the latest to join in.
FAW-Volkswagen is offering discounts of up to RMB 40,000 yuan ($5,820) on the ID. family of models, with the lineup starting at as low as RMB 174,900 yuan, according to a poster posted on Weibo on March 11 by the Volkswagen joint venture in China.
This is to celebrate the second anniversary of the launch of the ID. family of models, according to the poster.
In addition to the discount, FAW-Volkswagen is offering consumers a free camping kit worth RMB 4,900.
FAW-Volkswagen's poster shows that these offers are for a limited time, but no expiration date is provided.
Currently, FAW-Volkswagen is selling the ID. series of ID.4 Crozz and ID.6 Crozz, two SUVs with suggested retail prices starting at RMB 217,900 and RMB 258,900 respectively.
In addition to FAW-Volkswagen, SAIC-Volkswagen, another Volkswagen joint venture in China, is also offering discounts for the ID. series EVs.
SAIC Volkswagen ID. series pure electric vehicles are offering discounts of up to RMB 30,000, and consumers can also receive up to RMB 10,000 worth of other benefits at dealership stores, according to a poster.
Like FAW-Volkswagen, SAIC-Volkswagen also offers the ID.4 series models, ID.4 X and ID.6 X, with suggested retail prices starting at RMB 195,888 and RMB 259,888, respectively.
In addition to the two ID. series models, SAIC Volkswagen also offers the compact ID.3 model with a suggested retail price starting at RMB 162,888.
Volkswagen had announced monthly sales of the ID. series EVs in late 2021 to early 2022, but then stopped publishing them.
FAW-Volkswagen's retail sales of NEVs in January-February were 9,572 units, down 8.3 percent from 10,442 units in the same period last year, according to a ranking released earlier this month by the China Passenger Car Association (CPCA). SAIC Volkswagen did not make it into the ranking of top sellers of NEVs in China.
FAW-Volkswagen's January-February retail sales of all vehicles were down 24.9 percent to 221,946 units, according to the CPCA. SAIC-Volkswagen's retail sales of all vehicles for the same period were down 29 percent to 154,631 units.
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China auto price war: BMW dealers offer discounts of up to $14,360 for i3
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Shenlan is currently selling only one model, the SL03, a Tesla Model 3 competitor, with 4,103 units delivered in February.
(Image credit: Shenlan)
Shenlan, Changan Automobile's new energy vehicle (NEV) brand, is offering consumers tens of thousands of yuan in incentives to purchase vehicles as the auto price war in China continues.
Shenlan, based in the southwestern Chinese city of Chongqing, announced today that it is offering discounts of up to 42,000 yuan ($6,030) on vehicle purchases.
The offer includes an RMB 22,000 cash subsidy and up to RMB 20,000 in option benefits.
The subsidy is valid from March 10 to March 31 and is limited to 10,000 units.
Shenlan, Changan's NEV brand announced in 2022, officially launched the Shenlan SL03 electric sedan on July 25, another strong competitor to the Model 3.
Unlike the Tesla Model 3, the Shenlan SL03 is available in three powertrain variants -- an all-electric version, an extended-range version and a version with a hydrogen fuel cell.
The Shenlan SL03 BEV currently has a starting price of RMB 189,900, lower than the Model 3's starting price of RMB 229,900 in China, and the SL03 EREV starts at RMB 171,900.
Shenlan began deliveries of the SL03 at the end of August 2022 and has delivered a total of 37,328 units as of the end of February this year, including 4,103 units last month.
On March 5, Shenlan officially unveiled its second model, the Shenlan S7, a model similar to the Tesla Model Y crossover, in Shanghai.
In addition to the Shenlan brand, Changan is offering car purchase incentives for its other sub-brands.
Changan announced yesterday that for consumers who buy any of its passenger cars and get a delivery this month, they will receive a coupon for thousands of yuan.
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China auto price war: BMW dealers offer discounts of up to $14,360 for i3
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