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Geely Auto, China’s largest privately owned carmaker, is betting on a strategy of price reductions as it plays catch-up with EV market leaders such as Tesla.
Tesla has cut prices of the Long Range and Performance versions of the Model Y SUV by 4 per cent each. The move follows cuts by Chinese EV makers who have slashed prices of some models by up to 10 per cent.
Li Auto and Xpeng, two of mainland China’s top-three premium EV makers, reported growth in deliveries for a second consecutive month in March, bucking a downwards trend in the world’s largest automotive market.
Xpeng’s G9 Max and P7i Max models equipped with proprietary navigation software can recognise traffic lights, change lanes and even overtake cars.