GM cuts Lyriq EV price in China by 14% after VW discounts

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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Explainer-What's behind China's failed 'truce' in EV price war?The group representing China's auto manufacturers has retracted a pledge to avoid 'abnormal pricing' that it had brokered between 16 automakers, including Tesla, breaking off a truce in a brutal price war over electric vehicles. The China Association of Auto Manufacturers (CAAM) said in a statement on Sat
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »