Shares of Chinese carmakers are sliding in Hong Kong as the auto market is seeing a new round of price cuts. Xpeng Motors is slumping over 5%, BYD Company down nearly 5%, Li Auto, Nio and Great Wall Motor are down more than 3%.
In the A-share market, an index tracking automakers compiled by Wind Information tumbled 3.8% on Monday, making it the worst-performing sector and compared to 0.3% loss for the benchmark Shanghai Composite Index.
US electric vehicle maker Tesla will cut prices for its Model Y long-range and performance versions in China, starting on Aug. 14, the company said on Monday. Read more …
Since August, at least ten Chinese automakers have announced a new round of price cuts and other types of incentives in a bid to boost car sales and meet their second-half sales targets.
Zeekr, Geely Automobile’s electric brand, announced on Friday that it will offer price cuts for its 001 model ranging from 30,000 ($4,146) to 37,000 yuan, effective for the rest of the year. Leapmotor had announced on August 1 that it would cut prices of some models by of 10,000 – 20,000 yuan, and Hozon Auto announced a 30,000-yuan discount for its NEV brand Nezha. Read more …
