China’s new-energy (NEV) carmakers should explore new markets overseas as a renewed price war at home tests their ability to control costs amid the waning effectiveness of price cuts to boost sales, according to an industry analyst.
Lowering prices to boost sales has become the main avenue for carmakers to boost sales, with the average price reduction for China’s NEVs last year around 15,000 yuan ($2,129), Mi Siyi, electric vehicle analyst at BloombergNEF, said at a forum on Thursday. Another wave of price cuts this year has further lowered the prices of certain compact NEV models, she said.
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