China's auto market, the world’s largest, is accelerating toward an electric future – leaving established global brands stuck in the slow lane.
More than 40 auto brands have followed Tesla in cutting prices on EVs since January in a price war that has supported sales of EVs and plug-in hybrid electric vehicles , both of which are classed as “new energy vehicles” in China. It has also cut into industry-wide profitability, analysts say.For years, China’s entry-level market for passenger cars was dominated by combustion-engine cars made by global automakers in partnership with Chinese brands.
Because of the cost pressure on EVs from battery materials, the entry-level market is likely to be “the final bastion” for gasoline-only vehicles in China, Xu Haidong, deputy chief engineer at the China Association of Automobile Manufacturers said. Plug-ins represent more than half of BYD sales this year, giving the company scale to compete on price across its line-up, analysts say.Tesla saw a 27% increase in Chinese sales in the first quarter to just over 137,000 of its Model 3 sedans and Model Y crossovers. Tesla also increased share after cutting prices in China by between 6% and almost 14% in January.
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