Mercedes-Benz has cut the price of some of its electric models in China, following market leader Tesla, which last month slashed prices in the latest sign of softening demand in the world’s largest EV market, reports the Financial Times.
The starter prices for the EQE model, the EQS model and its luxury edition—the AMG EQS 53 model—sold in China will be reduced by RMB 50,000 ($7,000), RMB 204,600 and RMB 198,600, respectively, the German carmaker said. “We aim to flexibly adjust operational strategies in response to shifting market demands,” the company said in a statement.
Although China’s sales of new energy vehicles, including pure electric, plug-in hybrid and hydrogen-powered models, jumped 81.7% year on year to 714,000 units in October, it is the slowest pace of growth since April, according to data from the China Association of Automobile Manufacturers.