Automakers in China Are Racing to Slash Prices
Several major automakers in China are racing to slash prices on both new-energy (NEV) or conventionally powered vehicles, hoping to survive an escalating price war as consumer demand weakens amid policy changes.
The price war intensified at the start of March, when state-owned Dongfeng Motor Group Co. Ltd. launched a promotion in its home province of Hubei by offering steep discounts on some of its models, most of which run on petrol. The discounts were subsidized equally by the automaker and the local government, which joined the wave of provinces and cities rolling out incentives to spur sales.
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