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Tesla, Inc. reduced the price, and Mercedes-Benz followed, sharply reducing the price of electric cars in China, with a maximum reduction of more than 200000 yuan.
$Tesla (TSLA.US)$Mercedes-Benz announced that the manufacturer's suggested retail prices of the new pure electric EQE, the pure electric EQS and the new AMG EQS 53 will be adjusted from November 16, 2022. Among them, EQS and AMG EQS 53 decreased by about 200000 yuan.
Mercedes-Benz announced that the manufacturer's suggested retail prices of the new pure electric EQE, the pure electric EQS and the new AMG EQS 53 will be adjusted from November 16, 2022.
Among them, the price of three Mercedes-Benz EQE models is reduced by 5-50700 yuan, and the adjusted suggested retail price is 47.8-534300 yuan; the price of four EQS models is reduced by 20.46-237600 yuan, the adjusted suggested retail price is 84.5-1.314 million yuan; and the price discount of two AMG EQS 53 models is 198600 yuan, and the suggested retail price is 148.6-1.547 million yuan.
Mercedes said China's high-end electric car market is still growing, especially for cars priced above 1 million yuan. Mercedes-Benz is repositioning the development of some EQ models in China. That triggered a 6.7% drop in Mercedes-Benz shares on Wednesday.
For customers purchased before November 16, 2022, Mercedes-Benz will provide an exclusive subsidy program through relevant authorized dealers according to the difference between the invoice value of the car purchase and the manufacturer's suggested retail price after this adjustment. The move is undoubtedly to avoid the "rights protection" of some consumers triggered by Tesla, Inc. (186.92,-7.50,-3.86%) after China announced a price adjustment.
Mercedes-Benz's sales in China have been disappointing, according to people familiar with the matter. Mercedes-Benz hopes to boost sales by cutting prices. Monthly sales of the EQS sometimes fall below 100.
The European car and parts index (.SXAP) fell 4.06 per cent as a result, highlighting the challenges faced by foreign carmakers in their efforts to break into China's growing electric car market.
At present, foreign and traditional car brands in China's auto market are lagging behind rising local brands, with domestic automakers accounting for almost 80% of electric vehicle sales in the first seven months of 2022, according to the China passenger car Association.
According to a report by Goldman Sachs Group (382.33,-0.55,-0.14%), sales of electric vehicles in China have increased by 110% since the beginning of this year, thanks to incentives such as tax cuts. In the coming months, however, industry-wide sales will slow in the face of weak consumption and increased competition, sparking a price war.
Tesla, Inc., the market leader, had cut prices last month. Tesla, Inc. China announced on October 24 that Tesla, Inc., in the Chinese mainland region, is further reducing the prices of all Model 3 and Model Y models, ranging from 1.4 yuan to 37000 yuan.
Pressure from competitors may also be another important reason for Tesla, Inc. to choose "price reduction promotion". BYD, one of Tesla, Inc. 's biggest competitors, surpassed Tesla, Inc. for the first time in sales of 640000 vehicles in the first half of this year to become the world's largest seller of new energy vehicles, compared with 565000 delivered in the same period. As of the first three quarters of this year, BYD has sold more than 1.18 million vehicles.
In less than a month after Tesla, Inc. 's price reduction, many car companies have launched promotional activities. For example, a number of Huawei experience stores in Chaoyang District of Beijing have launched insurance and clothing discounts for M5 and M7; Ford Electric Horse has directly chosen to reduce the price of all Mustang Mach-E models by about 20,000 yuan. XPeng Inc. is also rumored to have reduced his price.
And the Mercedes-Benz price reduction action, to the same camp of Audi brought no small impact. FAW Audi related sources said that Audi will not follow up the price reduction for the time being, but it also depends on the follow-up situation of the overall market.
Unlike Audi, BMW China has made it clear that it will not adjust the price of its pure electric models.
In response to the rumors that industry XPeng Inc. followed Tesla, Inc. 's price reduction, XPeng Inc. responded on the same day that Mercedes-Benz official announced the price adjustment, saying that this only adjusted the rights and interests structure, increased the proportion of the final payment, and the total rights and interests of each model were flat or slightly lower than before, so there is no talk of price reduction.
Mercedes-Benz announced that the manufacturer's suggested retail prices of the new pure electric EQE, the pure electric EQS and the new AMG EQS 53 will be adjusted from November 16, 2022.
Among them, the price of three Mercedes-Benz EQE models is reduced by 5-50700 yuan, and the adjusted suggested retail price is 47.8-534300 yuan; the price of four EQS models is reduced by 20.46-237600 yuan, the adjusted suggested retail price is 84.5-1.314 million yuan; and the price discount of two AMG EQS 53 models is 198600 yuan, and the suggested retail price is 148.6-1.547 million yuan.
Mercedes said China's high-end electric car market is still growing, especially for cars priced above 1 million yuan. Mercedes-Benz is repositioning the development of some EQ models in China. That triggered a 6.7% drop in Mercedes-Benz shares on Wednesday.
For customers purchased before November 16, 2022, Mercedes-Benz will provide an exclusive subsidy program through relevant authorized dealers according to the difference between the invoice value of the car purchase and the manufacturer's suggested retail price after this adjustment. The move is undoubtedly to avoid the "rights protection" of some consumers triggered by Tesla, Inc. (186.92,-7.50,-3.86%) after China announced a price adjustment.
Mercedes-Benz's sales in China have been disappointing, according to people familiar with the matter. Mercedes-Benz hopes to boost sales by cutting prices. Monthly sales of the EQS sometimes fall below 100.
The European car and parts index (.SXAP) fell 4.06 per cent as a result, highlighting the challenges faced by foreign carmakers in their efforts to break into China's growing electric car market.
At present, foreign and traditional car brands in China's auto market are lagging behind rising local brands, with domestic automakers accounting for almost 80% of electric vehicle sales in the first seven months of 2022, according to the China passenger car Association.
According to a report by Goldman Sachs Group (382.33,-0.55,-0.14%), sales of electric vehicles in China have increased by 110% since the beginning of this year, thanks to incentives such as tax cuts. In the coming months, however, industry-wide sales will slow in the face of weak consumption and increased competition, sparking a price war.
Tesla, Inc., the market leader, had cut prices last month. Tesla, Inc. China announced on October 24 that Tesla, Inc., in the Chinese mainland region, is further reducing the prices of all Model 3 and Model Y models, ranging from 1.4 yuan to 37000 yuan.
Pressure from competitors may also be another important reason for Tesla, Inc. to choose "price reduction promotion". BYD, one of Tesla, Inc. 's biggest competitors, surpassed Tesla, Inc. for the first time in sales of 640000 vehicles in the first half of this year to become the world's largest seller of new energy vehicles, compared with 565000 delivered in the same period. As of the first three quarters of this year, BYD has sold more than 1.18 million vehicles.
In less than a month after Tesla, Inc. 's price reduction, many car companies have launched promotional activities. For example, a number of Huawei experience stores in Chaoyang District of Beijing have launched insurance and clothing discounts for M5 and M7; Ford Electric Horse has directly chosen to reduce the price of all Mustang Mach-E models by about 20,000 yuan. XPeng Inc. is also rumored to have reduced his price.
And the Mercedes-Benz price reduction action, to the same camp of Audi brought no small impact. FAW Audi related sources said that Audi will not follow up the price reduction for the time being, but it also depends on the follow-up situation of the overall market.
Unlike Audi, BMW China has made it clear that it will not adjust the price of its pure electric models.
In response to the rumors that industry XPeng Inc. followed Tesla, Inc. 's price reduction, XPeng Inc. responded on the same day that Mercedes-Benz official announced the price adjustment, saying that this only adjusted the rights and interests structure, increased the proportion of the final payment, and the total rights and interests of each model were flat or slightly lower than before, so there is no talk of price reduction.
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