SHANGHAI : General Motors Co on Monday cut the starting price for the Cadillac Lyriq in China by almost 14 per cent, joining Volkswagen in a new round of electric vehicle price reductions in a market where global automakers are under pressure.
GM's move came just after Volkswagen cut prices on its EVs in China, where the market share of made-in-China EV brands is rising and the market faces intense price competition. China's auto market, the world's largest, is on track for overall growth of about 3 per cent, with the share of EVs and plug-ins rising fast. Consultancy AlixPartners forecasts this will be the first year made-in-China brands top 50 per cent of their home market.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »