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Finance

Top Carmakers Continue China’s EV Price War For a Third Year

By Asia Tech Times
Last updated: 21/03/2025
5 Min Read
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Tesla, BYD and two other top Chinese electric car makers continue to implement sales incentives in early 2024.

This means that the brutal price war in the world’s largest auto market has extended into its third year.

Li Auto on Thursday announced a cash subsidy of 15,000 yuan ($2,055) per vehicle, as well as a three-year zero-interest financing plan, while Nio launched a similar package for buyers of its Nio and Onvo brands of electric vehicles. Zero-interest loan program Wednesday.

See also: 2024 is China’s hottest year since 1961, Shanghai BBQ

The incentives are designed to encourage purchases ahead of the start of a government subsidy program in the New Year.

As of mid-December, more than 5.2 million vehicles sold had benefited from Chinese government subsidies.

State subsidies also boost sales

A $20,000 government subsidy helped electric vehicle assemblers hit sales records in December, according to one company Report The South China Morning Post reported on Thursday.

BYD sold 514,809 vehicles last month, “while NIO, Xpeng Motors, Li Auto and Leapmotor also saw significant growth.”

The Washington Post said that although subsidies may be cut, analysts expect electric vehicle sales to increase by 38% in 2024, but “intense competition among 50 major manufacturers” has stimulated price declines.

“Currently, only three electric vehicle manufacturers are profitable due to overcapacity concerns as the industry produces 20.2 million vehicles per year and is expected to sell approximately 10.68 million vehicles in 2024.”

China has said it will extend the trade-in period for consumer goods through 2025, but the specifics of the policy’s implementation nationwide remain unclear.

Nanjing, the capital city of east China’s Jiangsu province, said earlier this week it would continue to provide subsidies of up to 4,000 yuan per car this year.

Chinese authorities have agreed to release This year’s special national debt is 3 trillion yuanIt comes as Beijing steps up fiscal stimulus, partly through subsidy programs to revive the faltering economy.

BYD and Tesla offer discounts

Homegrown EV champion BYD has been offering discounts of up to 11.5% on two models, a hybrid and an electric car, since December and could surpass Ford and Honda in global sales by 2024.

Tesla, which sparked a price war last year, has extended discounts on outstanding loans for its best-selling Model Y in China until the end of this month.

Last year, sales of electric vehicles and plug-in hybrid vehicles (collectively known as new energy vehicles) in China exceeded 10 million, thanks to the government’s trade-in subsidy of up to 20,000 yuan for new energy vehicles.

Still, official data showed that auto-related retail sales shrank by 0.7% year-on-year in the first 11 months, while total retail sales of consumer goods in China increased by 3.5%, indicating the impact of price cuts.

  • Reuters Additional input and editing by Jim Pollard

Note: On January 2, 2034, four paragraphs were added to the text of this report.

See also:

Chinese battery giant CATL plans to list in Hong Kong

Chinese electric car companies find way to circumvent EU tariffs – sell hybrids

China’s electric car sales hit record high, unafraid of economic slowdown worries

The United States announces new investigation into traditional Chinese chips

Can Donald Trump exempt TikTok from US ban?

Congress to vote on new restrictions on U.S. investment in China

Trump plans to clamp down on China’s electric car supply chain

China ‘keen to negotiate trade deal to reduce tariff threat’

China to take on more debt in response to Trump tariffs

China’s central bank ‘allows yuan to depreciate’ as trade risk

Chinese media on Trump: “There are no winners in the tariff war”

BYD, Li Auto, and Xpeng Motors’ electric vehicle sales hit record high in September

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd newspapers in Sydney, Perth, London and Melbourne before traveling to South East Asia in the late 1990s. He served as a senior editor at The Nation for more than 17 years.

Contents
See also: 2024 is China’s hottest year since 1961, Shanghai BBQState subsidies also boost salesBYD and Tesla offer discountsSee also:Chinese battery giant CATL plans to list in Hong KongChinese electric car companies find way to circumvent EU tariffs – sell hybridsChina’s electric car sales hit record high, unafraid of economic slowdown worriesThe United States announces new investigation into traditional Chinese chipsCan Donald Trump exempt TikTok from US ban?Congress to vote on new restrictions on U.S. investment in ChinaTrump plans to clamp down on China’s electric car supply chainChina ‘keen to negotiate trade deal to reduce tariff threat’China to take on more debt in response to Trump tariffsChina’s central bank ‘allows yuan to depreciate’ as trade riskChinese media on Trump: “There are no winners in the tariff war”BYD, Li Auto, and Xpeng Motors’ electric vehicle sales hit record high in SeptemberJim PollardLeave a Comment
TAGGED:CarmakersChinasContinuepriceTopwaryear

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