Photo/Zhang Jian

March 9 (NBD) – Recently, the Chinese auto market is seen a price-slashing wave with 4S stores teeming with customers.

BMW launched a major promotional event, reducing the price of its all-electric BMW i3 model by more than 100,000 yuan. Take the BMW i3 eDrive 35L as an example, it has an official guide price of 353,900 yuan, and some 4S stores offer it for 248,000 yuan after discounts, learned Cailian Press from multiple BMW 4S stores on Thursday.

BYD on Thursday also launched a special limited-time marketing campaign from March 10 to March 31,2023. Customers who book the Song PLUS series can enjoy 6888 yuan discount with 88 yuan, while those who book the Seal series can enjoy 8888 yuan discount with 88 yuan.

In addition, Ford China announced on March 7 that its all-electric Mustang Mach-E will be 40,000 yuan lower from the day until April 30, 2023.

It is noticed that at least 30 car brands have joined the "price war", offering discounts of up to 100,000 yuan, according to incomplete statistics from Red Star News. The promotions include official brand activities, regional dealer promotions, direct price cuts, cash rebates, insurance subsidies, financial discounts, and free optional packages.

Photo/Red Star News

In addition, Henan Province extended its car subsidy policy to the end of March 2023, giving consumers a 5% discount on new car purchases. Tianjin allocated 60 million yuan car consumption subsidies, and Shandong issued 200 million yuan car consumption vouchers. These policies are expected to stimulate domestic car consumption and stimulate economic development.

The price-slashing wave first came after a series of posters about the huge subsidies for car buyers in China's Hubei provinces have gone viral on the internet.

Brands under Dongfeng Automobile, such as Dongfeng Citroen, Dongfeng Peugeot, Dongfeng Nissan, Dongfeng Honda and Dongfeng Fengshen, have participated in this round of subsidy policy, offering subsidies ranging from 5,000 yuan to 90,000 yuan.

"The double 11"-style promotion by Dongfeng Motor Co. will bring good publicity in the short term, and then return to normal without leaving any lasting aftereffects, according to Cui Dongshu, Secretary-General of the China Passenger Car Association. Other provinces may also follow suit.