In a race against time to meet their ambitious annual sales targets in the Chinese market, renowned Chinese car manufacturers such as BYD, Great Wall Motors, Leapmotor Technology and Geely Holding Group are adopting aggressive price reduction and incentive strategies.
Leapmotor is reducing the prices of all its vehicles by up to 10,000 yuan ($1,367) for customers who make deposits between November 1 and 30. Additionally, they are offering optional accessories worth 5,000 yuan ($684) on select models.
BYD is implementing substantial discounts, ranging from 7,000 to 20,000 yuan ($960 to $2,742), on some of its most popular cars, in exchange for a 2,000 yuan ($274) deduction on the deposit made this month. Additionally, they are offering interest-free loans for the next two years and subsidies of up to 8,000 yuan for trade-in purchases, along with other benefits.
Great Wall Motor is offering a significant discount of 30,000 yuan ($4,114) on its Ora Lightning Cat series for a limited time. Meanwhile, Lynk & Co, which is part of the Geely Holding Group, has reduced the price of its 08 model by 6,000 yuan for customers who confirm their orders this month and collect their vehicles by December 31.
With demand expected to surge this month as car dealers strive to meet their annual targets, The Paper reported that car sales are expected to grow 10% month over month to reach approximately 2.1 million of units.
Both BYD and Leapmotor posted record sales last month. BYD sales increased an impressive 38.5% year-on-year to 301,800 units, while Leapmotor shipments more than doubled to 18,200 automobiles.
Earlier this year, a price war between Chinese automakers was sparked after US electric car startup Tesla slashed its prices to boost sales. In July, several automakers signed a letter of commitment, promising not to disrupt market order with unfair pricing practices.
Translation: Mei Zhen Li
Source: 36 Kr
Main image: THINK b/ Adobe Stock