BYD takes the lead! Price cuts in the auto market will be fierce in 2024, with 51 models already having their prices reduced

According to news on March 18, the auto market after the Spring Festival is extremely lively. BYD and other auto companies have led the trend of price cuts, and the entire auto industry has fallen into a price war. According to the latest statistics from Cui Dongshu, secretary-general of the Passenger Car Association, as of March 15, 51 models have chosen to be sold at reduced prices in 2024. This number has actually reached half of the number of models with reduced prices in 2023.

Specifically, this wave of price cuts will be particularly violent in February and March of 2024. In February, 25 models saw price cuts, and in March, 23 models saw price cuts. Models followed closely behind, and such price reductions are rare in history. In this wave of price reductions, new energy vehicles such as pure electric vehicles and plug-in hybrids have become the protagonists, while relatively few fuel vehicles have seen price reductions. According to statistics, the prices of 26 pure electric models and 13 plug-in hybrid models have been reduced, while only 4 models of fuel vehicles have participated in the price reductions.

According to Cui Dongshu’s analysis, fuel vehicles are somewhat powerless in the price war because they are already at the bottom line of promotions. On the contrary, new energy vehicles rely on their unique advantages to reduce prices alone, gradually eroding the market share of fuel vehicles. Cui Dongshu believes that this trend will continue for some time in the future.

Among the specific models with price cuts, most of the decreases for plug-in hybrid models were The price range is between RMB 10,000 and RMB 30,000, and the price drop for many pure electric models even exceeds RMB 30,000. For example, the price of Zhiji L7 has been reduced by 38,900 yuan, the price of Nezha S has been reduced by 35,000 yuan, and the price of Jikrypton 001 has been reduced by 31,000 yuan. These substantial price reductions will undoubtedly further stimulate consumers' desire to buy cars.

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