STORY: China’s state planner says electric vehicle price war shows no signs of ending.
The National Development and Reform Commission said it expects the price war between electric vehicle and plug-in hybrid automakers to intensify this year.
It predicts the arrival of more than 110 models of new energy vehicles in 2024, intensifying competition.
The national planner also estimated that market demand for NEVs would increase by 2.1 million units.
However, the three largest NEV brands in China had planned to increase their shipments by 2.3 million units, indicating oversupply.
He also said that falling battery costs and economies of scale would be the other two main reasons for falling NEV prices.
BYD and Denza cars lead the price cuts.
They brought reductions of around 7.1% to 9.7% on the prices of five models in April compared to the beginning of the year.
Li Auto has cut prices on four of its models, following similar moves by Tesla and BYD.
yahoo
