Market Chatter: Chinese Carmakers Enhance Features of Gasoline-Powered Vehicles to Defend from NEV Penetration

MT Newswires Live07-16

China's joint-venture carmakers are boosting their efforts to improve the smart features of their gasoline-powered vehicles and reduce prices in response to competition from new energy vehicles in the luxury sector, Yicai Global reported Monday.

New energy vehicles such as Xiaomi's (HKG:1810) SU7 and the Huawei-Chery NEV Luxeed S7 have started penetrating the medium and large sedan market. NEV makers used to focus on smaller, budget-friendly, and high-end electric cars, the report said.

This shift is pressuring prices of luxury gasoline vehicles, the report said.

The joint venture between FAW (SHE:000800) and Volkswagen has also introduced a new Magotan model with advanced features and a lower price of 179,900 yuan, while the Audi A4L's price now starts below 200,000 yuan, Yicai said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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