Beijing, 6 March – Chinese automaker BYD on Wednesday added more fuel to the flames to the brutal price war in China by cutting the price of its cheapest electric car, the Seagull, by 5%
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BYD adds more fuel to the flames of price war in China
Prices for the Seagull will now start 69,800 yuan ($9,700). Earlier this week BYD priced the new version of its best-selling car – the Yuan Plus crossover – known as the Atto 3 in overseas markets – nearly 12% lower than the previous model.
And last month, it offered lower-priced new versions of its Han sedans and Tang SUVs, and for some other models offered even bigger discounts than it did in in 2023. The price war in China, the world’s largest auto market, began at the start of last year with cuts by Tesla and has only intensified since as automakers strive to win sales amid a slowing economy.
Over a dozen automakers have this year rolled out fresh discounts, including Tesla, Geely Auto (0175.HK), opens new tab, GAC Aion, Leapmotor and Xpeng. ($1 = 7.1978 yuan)
China’s Exports Affected In Jan-Feb As Factories Struggle To Produce
Beijing, March 6 – China’s exports growth likely slowed in the January-February period, a Reuters poll showed on Wednesday, suggesting manufacturers are still struggling for overseas buyers and in need of further policy support at home. Trade data for the January-February period is expected to show exports grew 1.9% year-on-year, according to the median forecast of 34 economists, down slightly from the 2.3% increase recorded in December. The data will be released on Thursday.
The customs agency publishes combined January and February trade data to smooth out distortions caused by the shifting timing of the Lunar New Year, which fell in February this year. Chinese Premier Li Qiang on Tuesday announced an ambitious 2024 economic growth target of around 5% and promised to transform the country’s development model, which is heavily reliant on exporting finished goods.
The world’s second-biggest economy has been grappling with sub-par growth over the past year amid a property crisis and as consumers hold off spending, foreign firms divest, manufacturers struggle for buyers and local governments contend with huge debt burdens.
Manufacturing activity in China in February shrank for a fifth straight month, the government’s purchasing managers’ index showed on March 1, while new export orders decreased for an 11th consecutive month. China’s imports likely increased 1.5% in Jan-Feb, according to the poll. But South Korean exports to China, a leading indicator of China’s imports, fell 2.4% in February even though outbound shipments from Asia’s fourth-largest economy performed far better than market forecasts.
Chip exports from China’s neighbour soared last month, strengthening the view that a cyclical upturn in demand for electronic goods and semiconductors is propping up global growth. The median estimate in the poll indicated that China’s trade surplus would increase, with analysts predicting it will come in at $103.7 billion from $75.3 billion in December.
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