Chinese automaker Xpeng on Tuesday announced price cuts for some models in a notice on its official WeChat account, following similar moves by Tesla and Seres and fuelling expectations of a wider price war.
Xpeng lowered the starting prices for its best-selling pure electric P7 sedan to 209,900 yuan , according to the notice, 12.5% lower than its previous level.
Competition is intensifying in the electric vehicle sector in China amid forecasts for demand to falter in the first quarter. EV makers, though many of them still loss-making, are therefore under pressure to cut prices to sustain sales volumes. Xpeng said it would offer car owners who purchased automobiles before the price cut extended maintenance services for free as compensation.
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