SAIC Volkswagen is offering $537 million in cash subsidies for car purchases in China, joining more than 40 brands in what analysts have called a price war in the world's largest auto market
is offering 15,000 yuan to 50,000 yuan in subsidies until April 30 for its full lineup, which includes the Teramont, Lavida and Phideon models, SAIC-VW said on its WeChat account late on Thursday., has also offered subsidies running from March 15 to March 31.
Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co LtdGovernment plans for a stricter auto emissions standard effective July 1 has added pressure to automakers and dealers to clear inventories of vehicles that do not meet the standard, Fitch Ratings analysts said in a client note on Thursday.
The price war is likely to accelerate consolidation of the fragmented local auto industry which has over 130 passenger car manufacturers, state-owned newspaper Economic Daily said in a commentary on Friday.
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