China's automobile market: New power automobile companies actively respond to the 'Golden Nine and Silver Ten' price reduction wave

According to news on September 7, with the arrival of the "Golden September and Silver Ten", the traditional peak sales season of the auto market, competition in the Chinese auto market has become increasingly fierce. In order to attract consumers, many car companies have launched price cuts and preferential policies. The new energy car market has once again set off a wave of price cuts with price cuts of up to 150,000 yuan. The following are the latest developments of various brands and models:

Li Auto, as an outstanding new car company, became the first car company to announce the launch of a price reduction policy in September. Although they did not explicitly cut prices, they launched a limited-time insurance subsidy campaign, and car buyers can enjoy a 10,000 yuan insurance subsidy by purchasing car insurance. This kind of "disguised price reduction" has become an unspoken rule in the auto market.

Xpeng Motors followed suit and announced that from September 1st to September 30th, it will provide car purchase discounts for all new P7i models, including 24 issues of 0 Interest or 10,000 yuan final payment discount, and a gift of Dynaudio Confidence series original speakers worth 6,000 yuan. You can save up to 24,000 yuan.

Tesla launched the new Model 3 on September 1. The price increased compared to the previous generation model, but soon after, they lowered the price and launched the Model S and Model X. The maximum price reduction of S reached 151,000 yuan, which made consumers who had previously purchased it feel dissatisfied.

BYD, as the leader in China's new energy vehicle industry, also announced that it will join the price reduction trend and launch the 2023 Yuan Pro model after selling more than 270,000 vehicles in August. Limited-time car purchase discounts, with a maximum discount of 6,000 yuan, reducing the starting price to 89,800 yuan.

Leapmotor, a new car company with cost-effectiveness as its selling point, also announced price cuts for its entire series on September 1, with the maximum reduction reaching 10,000 yuan. Previously, they had lowered the prices of some C-series models in August, showing that they were still in the investment period.

There are multiple factors behind this large-scale price reduction. According to the editor's understanding, first of all, the price of upstream parts has dropped, especially the price of power batteries has dropped significantly, giving car companies room to lower prices. Secondly, supply exceeds demand in China's auto market, causing auto companies to overstock their inventories. Price cuts have become a means to reduce inventories. Therefore, car buyers can pay attention to the dynamics of the auto market in the next few months, because some car companies will launch new models and compete to reduce prices. The market is expected to be more lively by the end of the year.

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