SAIC Volkswagen is offering $537 million in cash subsidies for car purchases in China, joining more than 40 brands in what analysts have called a price war in the world's largest auto market
is offering 15,000 yuan to 50,000 yuan in subsidies until April 30 for its full lineup, which includes the Teramont, Lavida and Phideon models, SAIC-VW said on its WeChat account late on Thursday., has also offered subsidies running from March 15 to March 31.
Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co LtdGovernment plans for a stricter auto emissions standard effective July 1 has added pressure to automakers and dealers to clear inventories of vehicles that do not meet the standard, Fitch Ratings analysts said in a client note on Thursday.
The price war is likely to accelerate consolidation of the fragmented local auto industry which has over 130 passenger car manufacturers, state-owned newspaper Economic Daily said in a commentary on Friday.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China disputes Japan's territorial claims over disputed waters in East China SeaChina's foreign ministry on Thursday countered Japan's territorial claims over disputed waters in the East China Sea, calling the move a 'grave violation' of Chinese sovereignty.
Read more »
Volkswagen vows to invest $193 billion in electrification | EngadgetIt plans to spend $193 billion on different areas of its electrification efforts over the next five years..
Read more »
Volkswagen confirms £17,000 ID 1 as entry-level EV | AutocarNEW: Volkswagen is working “full steam ahead” on a sub-£17,000 electric ‘ID 1’ that will sit underneath the new model it's calling the 'ID 2all'
Read more »
Volkswagen Golf GTI Pirelli | SpottedThe run-out Pirelli trim harked back to the good old days - and a very specific tyre tread.
Read more »
Volkswagen ID 2all concept previews sub-£22k electric car for 2026 | AutocarVolkswagen has revealed the ID2all concept, which previews a new sub-£22,000 electric model set to go on sale in 2026 - it packs 223bhp and a range of 280 miles ⚡
Read more »
Volkswagen Also Working On Small EV Priced Under $21,100VW said that 'in spite of all the challenges,' it is developing an affordable EV at a price of less than 20,000 euros – 5,000 euros cheaper than the ID. 2all.
Read more »