- China's auto market saw 227 models with price cuts in 2024, more than the 148 in 2023 and significantly higher than the 95 in 2022.
- Price cuts peaked in March and April 2024, unlike 2023's relatively balanced picture.
China's auto market saw 227 models with price cuts in 2024, more than the 148 in 2023 and significantly higher than the 95 in 2022, Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA), said in a report today.
The price cuts were mainly seen in conventional gasoline vehicles and battery electric vehicle (BEV) models, 88 and 82 models, respectively, according to Cui.
Hybrid electric vehicles (HEVs) saw 17 models with price reductions in 2024, plug-in hybrid electric vehicles (PHEVs) had 34, and extended-range electric vehicles (EREVs) had 14.
For all the models with price cuts, the average reduction amounted to RMB 16,000, or 8.3 percent, according to Cui.
New energy vehicle (NEV) models saw an average price cut of RMB 18,000, or 9.2 percent. Conventional gasoline vehicles saw an average price reduction of RMB 13,000, or 6.8 percent.
In terms of seasonal behavior, price reductions peaked in March and April 2024, unlike the relatively balanced pattern in 2023, Cui noted.
There were 24 models with price reductions in February 2024, 53 in March and 43 in April, according to Cui.
In May, June, and October, the number of price cuts dropped to lower levels, bringing the wave of price cuts to a temporary end, according to Cui.
NEV price cuts were mainly in February-April and July-September, while gasoline vehicles followed in March-April and July, September and November, according to the report.
In December, retail sales of China's passenger NEVs are expected to be 1.4 million units, and wholesale sales are expected to be 1.5 million units, both record highs, according to data previously released by the CPCA.
($1 = RMB 7.3290)
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