GM cuts price of Cadillac Lyriq electric vehicle in China
2023.07.10 10:53
© Reuters.
Investing.com — General Motors (NYSE:) has slashed the price in China of its Cadillac Lyriq luxury crossover model, in a sign of intensifying competition in the country’s massive automotive market.
According to posts on GM’s website in China cited by Reuters, the Lyriq is now priced at 379,700 yuan (CNY 1 = $0.1383), down from its previous level of 439,700 yuan. A further discount has also been offered to customers who put down a deposit on the car prior to the end of August.
The move echoes recent price cuts by Volkswagen (ETR:) on its electric vehicles in China. The German firm’s joint venture with state-backed FAW has unveiled reductions in the range of 8% to nearly 27% on its ID-series models, while a similar joint venture with state-owned SAIC has also slashed prices on VW’s ID.3 hatchback.
Several automakers have unveiled price reductions in China since January, when electric carmaking giant Tesla (NASDAQ:) announced its own price cuts in a bid to boost sales in the world’s biggest vehicle market.
