As of November,The Never Ending Love Story a total of 224 models had their prices slashed by automakers this year in China, compared with 150 and 95 models for the full years of 2023 and 2022, respectively, said Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA). The steepest cuts of around 10%, or RMB 20,000 ($2,748) on average, were for battery electric vehicles (BEVs), while carmakers lowered the prices of their plug-in hybrids (PHEVs) and gasoline-powered vehicles by 8.5% and 7.3%, Cui said on his personal WeChat account. Automakers could be facing less pressure to cut car prices by the end of the year given government financial support for the industry to boost consumption which kicked in in July, according to Cui. UBS auto analysts have said they see another price war looming in the new year in part because of the earlier-than-usual Chinese New Year holidays. [TechNode reporting, Cui Dongshu, in Chinese]
