Geely Galaxy, a sub-brand of Geely Auto, has joined the price war in China’s electric vehicle (EV) segment by offering limited-time discounts on seven models. The discounts range from 8 percent to 18 percent, with the most significant price reduction being 18 percent.
One of the models included in the discount offer is the Xingyuan, a popular compact EV from Geely Galaxy. Customers can now purchase this model for a subsidized starting price of RMB 59,800 ($8,320), which is a discount of 11.28 percent from the official guide price of RMB 68,800. Additionally, customers who opt for a trade-in can receive a subsidy of RMB 3,000 from Geely Galaxy, as well as a government subsidy of up to RMB 20,000.
Other models covered in the discount offer include the L6 EM-i, Starship 7 EM-i, E5, L7 EM-i, Starshine 8, and E8. These models also come with discounts ranging from 8 percent to 18 percent.
The price war in the EV segment intensified after BYD announced price discounts on several models, prompting other EV makers to follow suit. Analysts believe that BYD’s price discounting measures could lead to further price competition in the mass-market price range and encourage more competitors to offer discounts.
IM Motors recently announced a limited-time discount on the LS6 electric SUV, reducing the starting price to RMB 194,900 ($27,180), which is an 18.76 percent reduction from the original price. Leapmotor also joined the price war by offering significant price reductions on their C16 and C11 SUV models.
Overall, the price war in China’s EV segment is heating up, with more manufacturers offering discounts to attract customers. The competition is expected to benefit consumers as they can now purchase EVs at more affordable prices. ($1 = RMB 7.1839)
