SAIC Motor Corp's electric vehicle (EV) unit IM Motors and EV startup Leapmotor (HKG: 9863) have become the first to follow BYD (HKG: 1211, OTCMKTS: BYDDY) in offering new discounts.
IM Motors announced 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 yuan ($27,180).
This is a reduction of RMB 45,000, or 18.76 percent, from the model's current starting guide price of RMB 239,900 yuan.
With the addition of a government trade-in subsidy of RMB 15,000, the cost of purchasing the LS6 will be further reduced to RMB 179,900 for consumers.
Additionally, IM Motors is also offering financial subsidies for purchasers of the LS6, including zero down payment and zero interest for the first two years of a five-year financing.
The LS6 is a mid-to-large-size SUV with length, width and height of 4,910 mm, 1,988 mm and 1,669 mm respectively, and a wheelbase of 4,910 mm.
The model was initially launched on October 12, 2023, when it was offered in four variants with starting prices of RMB 229,900, RMB 249,900, RMB 273,900 and RMB 291,900 respectively.
In September last year, IM Motors launched the updated LS6, offering five variants with starting guide prices of RMB 239,900, RMB 262,900, RMB 277,900, RMB 277,900 and RMB 302,900 respectively.
IM Motors offered limited time discounts on the model at its launch, bringing the starting price down to RMB 216,900, RMB 239,900, RMB 254,900, RMB 254,900, and RMB 279,900 respectively.
Leapmotor (HKG: 9863) yesterday announced that for customers purchasing the entry-level version of the extended-range electric vehicle (EREV) variant of the C16 SUV before June 8, the price has been reduced from RMB 155,800 to RMB 111,800, a 28.24 percent reduction.
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, or 30.24 percent.
On Friday, the heads of both BYD's Dynasty and Ocean series took to Weibo to announce that both product arrays had begun offering wide-ranging discounts on affordable models.
($1 = RMB 7.1713)
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