While Ukrainian officials were preparing to raise taxes, which would lead to a 15% increase in car prices for Ukrainians, China is experiencing an opposite trend. According to Cui Dongshu, the Secretary-General of the China Passenger Car Association (CPCA), prices for 195 car models have generally decreased from January to September this year.
This surpasses the total for the entire year of 2023, when prices dropped for 150 models. In 2022, prices fell for 95 models.
The most significant price reductions are observed in so-called new energy vehicles. Plug-in hybrid cars and electric vehicles have become more affordable by over 13%. Considering the categories more specifically, the following conclusions can be drawn:
- 71 gasoline engine models saw an average price reduction of $2140 or 9.3%;
- 13 hybrid models experienced an average price drop of $2140 or 8.4%;
- 29 plug-in hybrid models decreased in price by an average of $3420 or 13.7%;
- 13 extended-range models were reduced in price by an average of $2000 or 7.6%;
- 69 electric vehicles saw an average price drop of $3280 or 13.5%.
Meanwhile, the price reduction for mild hybrids and extended-range vehicles was minimal. At the same time, due to lower prices of electric vehicles, some mid-range and premium gasoline cars have also started to see significant price declines.
Price drops are one of the key means of boosting car sales. Some automakers, although they have managed to increase sales volumes, are selling cars at a loss. Li Shufu, head of Geely, warned about the potential consequences of a price war—namely, the emergence of counterfeits and the sale of fake products.
Source: carnewschina
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