Geely Auto's (HKG: 0175) sub-brand Geely Galaxy has become the latest to start offering price discounts as the price war in China's electric vehicle (EV) segment heats up.
Geely Galaxy today announced limited-time offers valid through June 1 for seven models, mainly affordable ones.
Customers who purchase Xingyuan, Geely Galaxy's hot-selling compact EV, now have a subsidized starting price of RMB 59,800 ($8,320), which is 11.28 percent, or RMB 9,000, off the official guide price of RMB 68,800.
In addition to the discount, customers who buy the model through a trade-in are also eligible for a subsidy of RMB 3,000 from Geely Galaxy, as well as a government subsidy of up to RMB 20,000, according to a Geely Galaxy poster.
Other models covered include the L6 EM-i, Starship 7 EM-i, E5, L7 EM-i, Starshine 8, and E8, with discounts ranging from 8 percent to 18 percent.
Geely Galaxy's price discounts
| Model | Discounted Starting Price (RMB) | Official Guide Price | Change (RMB) | Change (%) |
|---|---|---|---|---|
| Xingyuan | 59,800 | 68,800 | -9,000 | -13.08% |
| L6 EM-i | 69,800 | 79,800 | -10,000 | -12.53% |
| Starship 7 EM-i | 79,800 | 97,800 | -18,000 | -18.40% |
| E5 | 89,800 | 107,800 | -18,000 | -16.70% |
| L7 EM-i | 99,800 | 115,800 | -16,000 | -13.82% |
| Starshine 8 | 115,800 | 125,800 | -10,000 | -7.95% |
| E8 | 134,800 | 149,800 | -15,000 | -10.01% |
On Friday, the heads of both BYD's Dynasty and Ocean series took to Weibo to announce that both product arrays have started offering wide-ranging discounts.
BYD's discounts mainly cover affordable models, with the Ocean series' Seagull priced at RMB 55,800 for a limited time until June 30, a 20.06 percent reduction from the official guide price of RMB 69,800.
Wall Street analysts believe that BYD's additional price discounting measures could lead to further price competition in the mass-market price range and trigger more competitors to follow suit.
IM Motors announced earlier today that it is offering a limited-time discount on the LS6 electric SUV (sport utility vehicle), lowering the starting price to RMB 194,900 ($27,180), a reduction or 18.76 percent from the model's starting guide price of RMB 239,900.
Leapmotor (HKG: 9863) yesterday announced a 28.24 percent price reduction from RMB 155,800 to RMB 111,800 for customers purchasing the entry-level version of the extended-range electric vehicle (EREV) variant of the C16 SUV before June 8.
For the entry-level version of the EREV variant of the Leapmotor C11 SUV, the price has been reduced from RMB 148,800 to RMB 103,800, a reduction of 30.24 percent.
($1 = RMB 7.1839)
