Price War

Geely Galaxy has started offering limited-time discounts ranging from 8 percent to 18 percent on seven models.

IM Motors and Leapmotor have started to offer new discounts on some of their models.

BYD shares were down 6.53 percent in Hong Kong and 3.89 percent in Shenzhen at press time.

Analysts believe BYD's price discounts could lead to further price competition in China and spark more rivals to follow suit.

Lynk & Co is offering limited-time discounts of up to RMB 17,000 on two hybrid models.

Arcfox has drastically reduced the official guide prices of 2 models and offered a limited time discount for another.

Onvo continues to offer a zero down payment, three-year interest-free financing program and additionally began offering option discounts.

The discount, available this month, reduces the starting price of the IM L6 by 13.64 percent to RMB 189,900.

Almost simultaneously with Tesla, Xpeng announced a zero-down payment, up to five-year zero-interest financing to boost sales in the slow season.

Tesla is offering RMB 8,000 ($1,100) in insurance subsidy for the Model 3, restarting a promotional tool it has used many times previously on the first working day of the Year of the Snake in the Chinese lunar calendar.