Prices of EVs, plug-in hybrids fall in Chinese city of Shenzhen, state planner says

Reuters04-22

SHANGHAI, April 22 (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)

((Zoey.Zhang@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment