10% to 12.5%, 20,000 to 36,000 yuan reduced across all models
Response to Tesla’s Massive Cut Offensive
In this photo provided by the New York Stock Exchange, a P7 model of Chinese electric car maker XPeng is displayed outside the NYSE to celebrate the company’s IPO, Thursday, Aug. 27, 2020, in New York New. (New York Stock Exchange/Nicole Pereira via AP)/2020-08-28 00:31:37/
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In China, the world’s largest electric vehicle market, the electric vehicle price cut war continues, starting with Tesla (TSLA).
According to MarketWatch on the 17th (local time), Chinese electric car company XPEV (XPEV) announced that it would reduce the price of various model vehicles by about 10%, from 20,000 yuan to 36,000 yuan (3.65 million to 6.57 million won) . In particular, the best-selling P7 sedan has been discounted by 12.5%.
He said he would extend the free maintenance service to car owners who bought the company’s electric vehicles before the price cut.
Xfeng’s move comes after Tesla significantly lowered its selling price in China earlier this month. Electric vehicle manufacturers in China are responding to slowing demand by lowering prices. Before this, other competitors, such as Mercedes-Benz, were also cutting prices.
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Guest Correspondent Kim Jung-ah kja@hankyung.com
