SAIC Motor Corp’s electric vehicle (EV) unit IM Motors and EV startup Leapmotor have joined BYD in offering new discounts on their models. IM Motors announced a limited-time discount on the LS6 electric SUV, reducing the starting price to RMB 194,900 ($27,180) from RMB 239,900, a 18.76% reduction. With a government trade-in subsidy of RMB 15,000, the cost further decreases to RMB 179,900. Additionally, IM Motors is offering financial subsidies like zero down payment and zero interest for the first two years of a five-year financing plan.
The LS6 is a mid-to-large-size SUV with dimensions of 4,910 mm in length, 1,988 mm in width, and 1,669 mm in height, with a wheelbase of 4,910 mm. Initially launched in October 2023, the LS6 was offered in four variants with prices ranging from RMB 229,900 to RMB 291,900. In September last year, IM Motors introduced an updated LS6 with five variants priced between RMB 239,900 and RMB 302,900. Limited-time discounts were previously offered at launch, bringing prices down to RMB 216,900 to RMB 279,900.
Leapmotor also announced discounts on their models, with the price of the entry-level version of the EREV variant of the C16 SUV reduced from RMB 155,800 to RMB 111,800, a 28.24% reduction. The entry-level version of the EREV variant of the C11 SUV saw a price reduction from RMB 148,800 to RMB 103,800, a 30.24% decrease.
BYD initiated the trend by offering wide-ranging discounts on their affordable models from the Dynasty and Ocean series. This move could potentially lead to increased price competition in the Chinese EV market, prompting other companies to follow suit.
Analysts are closely monitoring the situation, predicting that the price war risk in China may escalate as more companies introduce discounts to attract consumers. The EV industry is witnessing a shift towards more competitive pricing strategies to capture market share and stimulate demand.
