Apart from hefty price discounts, carmakers are offering more bells and whistles in their latest models to stand out from the crowd
Competition in mainland China’s budget electric vehicle (EV) segment is likely to intensify as consumers seek value for money, according to dealers and analysts.
“Consumption downgrade has spread to the car market as consumers are increasingly shunning expensive models,” said Zhao Zhen, a sales director at Shanghai-based dealer Wan Zhuo Auto. “But leading Chinese carmakers are able to churn out high-performance EVs at about half the prices of Tesla’s Model 3 and Model Y.”
Conventional and battery-powered cars priced between 100,000 yuan and 150,000 yuan accounted for a third of overall sales, or about 7 million units, on the mainland last year, according to data from the China Passenger Car Association (CPCA).
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