Tesla, Li Auto Cut Prices as China’s EV Price War Heats Up:
Tesla and Li Auto cut prices further in China amid an intensifying price war that comes as sales of ...
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Tesla and Li Auto Cut Prices in ChinaTesla cut prices by 14,000 yuan for Models 3, Y, S and X; Li Auto reduced prices by up to 30,000 yuan across all models.
Key FactsApr 22, 2024 · Reading time: ~30 sec.
Summary created with AI assistance · Source: on.wsj.com
Summary created with AI assistance · Source: on.wsj.com
- In April’s first two weeks, electric and plug-in hybrid cars reached 50.4% of China’s passenger-car retail sales, exceeding combustion-engine cars for the first time.
- Tesla delivered about 387,000 vehicles globally in the first quarter, down 8.5% year over year; the figure was last lower in the third quarter of 2022.
- CCB International analyst Ke Qu expected competition to intensify in the second quarter and likely continue into the third.
- Li Auto’s price cuts followed lower-than-expected first-quarter sales of MEGA, the company’s first fully electric model.
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