Data from CAM, an auto market consultancy, showed that the proportion of cars with big price cuts in China has fallen in the past two months. In July, 428 passenger car models, or about 16 percent of the market share, saw price falls of more than 5 percent in three months. The price war in the world's largest auto market is starting to subside.
Data from CAM, an auto market consultancy, showed that the proportion of cars with big price cuts in China has fallen in the past two months. In July, 428 passenger car models, or about 16 percent of the market share, saw price falls of more than 5 percent in three months. The price war in the world's largest auto market is starting to subside.
As recently as May of this year, that figure peaked at 30% — at least the highest level since CAM data became available in 2015.
The price war was initially sparked by Tesla (TSLA.US) and quickly spread across the market, including electric and gasoline vehicles.
Data released on Tuesday showed auto sales fell 2.3% in July from a year earlier to 1.78 million units, though sales of new energy vehicles jumped 32%.
While prices have generally stabilized, deep discounts remain on some models, including from local Chinese automaker Chongqing Changan Automobile Co Ltd and Jaguar and Land Rover, owned by India's Tata Motors.