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Shares of Chinese automakers are sliding amid a new round of price cuts in China’s auto market. Nio is sliding 5.4% in Hong Kong, Xpeng Motors down 3.4%, BYD Company down 2.4% and Leapmotor down 1.7%.
In the A-share market, an index tracking the auto sector compiled by Wind Information fell 1.4% on Wednesday, making it one of the weakest sectors.
US electric vehicle maker Tesla on Wednesday cut prices for its Model S and Model X in China. The starting price of Model S is lowered to 754,900 yuan, down from previous 808,900 yuan, and the starting price of Model X is lowered to 836,900 yuan from 898,900 yuan previously, it said.
Earlier, 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. Read more …
