SHANGHAI (Reuters) – Prices of electric cars and plug-in hybrids in China’s Southern Shenzhen city, a metropolis with high EV adoption, have fallen 5% to 10% this year, the country’s state planner said on Monday.
BYD and Denza cars have been leading the price cuts with reductions of 7.15% to 9.7% to the prices of five models in April compared to those at the beginning of the year, according to a statement of National Development and Reform Commission (NDRC).
NDRC cited oversupply, falling battery costs and economies of scale as the main reasons.
NDRC expected more than 110 new energy vehicle models among a total of 150 new cars would be launched this year, intensifying a competition with various types of price wars.
(Reporting by Zhang Yan, Brenda Goh)
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