The Chinese market for electric vehicles and plug-in hybrids is expected to experience a price war this year, due to an anticipated oversupply of new energy vehicles (NEVs). The National Development and Reform Commission (NDRC) has announced that manufacturers will launch 150 new car models, with over 110 of them powered by NEV sources.
Leading brands like BYD, Aito, and Li Auto are planning to deliver over 2.3 million vehicles this year, exceeding the expected demand of 2.1 million vehicles. This excess supply is likely to result in manufacturers trying to attract customers with lower prices.
In response to the market conditions, manufacturers in Shenzhen are offering discounts ranging from five to ten percent on their electric vehicle models. Companies like BYD, Denza, and Li Auto are leading the way by offering discounts of 7.15 to 9.7 percent compared to the beginning of the year, according to the NDRC. This competitive pricing strategy is aimed at stimulating demand in a market flooded with new electric car options.
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