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Chang’an, Chery, Dongfeng Motor join Tesla’s China price war
Gasoline vs. EV battle likely to drive some automakers out of business
In the first two months, passenger car sales shrank 19.8%, after recording a 12.4% expansion in the second half of 2022
AN LIMIN and HAN WEI, Caixin | China
A brutal price war is raging across China’s auto sector, catalyzing a profound overhaul of the world’s largest car market, as makers of new energy vehicles and conventional fossil fuel cars face off to win a greater share of a market rattled by slowing sales.
The first shot was fired by U.S. electric vehicle (EV) maker Tesla Inc., which late last year rolled out massive subsidies and price cuts to spur sales. A flurry of domestic and foreign EV-makers followed suit, with BYD, XPeng, Nio and Volkswagen all racing to win customers by offering generous discounts.
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Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.