Price cuts are driving sales in China. The consumer is benefiting.
XPeng (ticker: XPEV) lowered the sticker price on its G3i base models by 12.5% to about $22,000, bowing to pressure after Tesla (TSLA) announced price cuts earlier this month. Other competitors, including Mercedes-Benz (MBG.Germany), have also recently slashed prices.
Average daily sales for Tesla in China during the Jan. 9 to Jan. 15 period jumped 76% from the same period in 2022 to 12,654 vehicles, CMBI’s data showed.