Secretary-General Cui Dongshu of the China Passenger Vehicle Market Information Joint Council released a report on the analysis of new car price reductions for the first three quarters of 2024, showing that the scale of new car price reductions in the first three quarters of this year has reached 195 models, exceeding the 150 models for the whole of last year, and significantly higher than the 95 models in 2022. The data reflects the strong growth in the penetration rate of the new energy automobile market, putting pressure on the rbob gasoline automobile market to rapidly shrink, leading to significant fluctuations in the prices of joint venture brands and independent brands, especially luxury gasoline vehicles.

The analysis also points out that in recent years, the national passenger vehicle market price wars usually increase by about 4 percentage points at the end of each year compared to the previous year, but the price war in 2024 is more intense, with the peak of electric vehicle promotions rising by 7 percentage points, solidifying into a trend of price reductions.

~