On May 2nd, Tesla's website displayed a global price increase for its electric vehicles. This comes after multiple price cuts earlier this year. The starting prices of Model 3 and Model Y have both risen by 2,000 yuan ($289) in China.
Yang Dayong, the Executive Vice President of Changan Ford, a joint venture between China's Changan Automobile and US-based Ford Motor, has stated that the price war in China's automobile industry is just beginning.
On March 22, the China Association of Automotive Manufacturers (CAAM) urged for an immediate end to the price war in the Chinese auto market following a succession of car price reductions and sales promotions earlier this month.
Alibaba's management team announced five strategic focal areas for its e-commerce platform Taobao this year. These areas cover livestreaming, private domain traffic (turning casual users into dedicated ones), content, local retailers, and pricing power.
Chinese electric vehicle maker NIO began reducing its prices recently, starting with the ES6, ES8, and ES7 models. This promotion plan was first announced at the company's regular meeting on the morning of February 1.
On January 13, Huawei-backed electric vehicle brand AITO suddenly announced price reductions of 30,000 yuan ($4,462), bringing the cost of its M5 and M7 EVs down to 259,800 yuan and 289,800 yuan, respectively.
Tesla suddenly posted record-low vehicle prices for the Chinese market on January 6, causing many Chinese car owners to organize in an attempt to defend their consumer rights.
On January 6, the starting prices of Tesla's Model 3 and Model Y in China dropped to 229,900 yuan ($33,458) and 259,900 yuan ($37,825) respectively, the lowest prices ever for both vehicles, with an estimated delivery period of one to four weeks.
Affected by positioning upgrades, material costs, the continued impact of COVID-19, exchange rate fluctuations and other factors, the unit price of the upcoming Xiaomi 13 smartphone series is expected to increase by 15-20% to around 4,500 yuan ($628).
Following recent cuts made by Tesla to its electric vehicle prices in the Chinese market, BYD announced on November 23 that it will increase the prices of its Dynasty series, Ocean series and Denza vehicles, ranging from 2,000 yuan ($279) to 6,000 yuan ($838).
After Tesla launched its "price reduction promotion" in China, the market began to wait and see whether other new energy vehicle brands would follow suit. Recently, XPeng Motors, a Chinese new energy vehicle manufacturer, seemed to follow the move.
China's auto market experienced challenges in October. Tesla's late October price reduction in China raised questions regarding whether or not there will be price reductions by other new energy vehicle enterprises in the country.
Tesla announced price adjustments for mainland China on October 24. Subsequently, many Tesla car owners in China who had recently made orders set up "rights protection groups" on WeChat, but some were taken in by fraudsters.
The M5 and M7 models of AITO, a Chinese automaker established jointly by Huawei and Seres, have undergone price reductions of 8,000 yuan ($1,096). AITO is the first new energy vehicle brand in China to follow in the footsteps of Tesla's latest decision.
On October 24, Tesla announced that from now on, the prices of its Model 3 and Model Y in China will be reduced. Specifically, the starting price of its Model 3 rear-wheel drive version has been set at 265,900 yuan ($36,663), down 12,000 yuan.
Chinese EV maker XPeng officially launched its flagship SUV, the G9, two days ago. However, its complex configuration has exposed the company to much criticism. It has announced an overhaul, which has resulted in a price reduction of 20,000 yuan ($2,805).
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