Foreign and domestic auto makers are slashing prices while a battle for battery market share is underway too.
Xpeng's P7 was unveiled at Auto Guangzhou, November 22, 2019. Credit: Xpeng
There’s a price war underway in China’s electric vehicle (EV) market, and it’s taking place on multiple fronts. Since January, more than 30 automakers have slashed the prices of their vehicles, amid a steep drop in demand for new cars. Now, battery makers are joining in too, spurred on by aggressive moves by China’s CATL, the world’s largest battery maker.
The falling price of EVs ought to be welcomed by consumers, which in turn could be positive news for the energy transition
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