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Tesla
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  • The carmaker priced the basic version of the Onvo L60 SUV at 219,900 yuan (US$30,454), 12 per cent lower than a comparable Tesla Model Y
  • Currently, all cars under Nio’s namesake brand, are priced at more than 300,000 yuan

Chinese smartphone maker Xiaomi has become the country’s eighth-largest EV upstart after selling more than 7,000 units of its SU7 sedan in April, according to industry data.

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The era of battery-powered cars has truly arrived, as EVs dominated the car show. While carmakers still displayed a lot of futuristic concepts, it was the ongoing price war that had people talking.

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China’s top three premium EV makers posted mixed sales last month, as companies remain entrenched in a price war in the world’s largest car market that shows no signs of ending.

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General Motors, Ford and other carmakers, which struck deals last year to give customers access to the network, said they are not changing their plans.

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Tesla CEO Elon Musk cancelled his meeting with India PM Modi last week, and instead went to China to make progress towards an advanced driver assistance package.

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The US carmaker has passed a test of its compliance with Beijing’s data security rules thanks to a watershed decision it says could pave the way for the removal of some restrictions on the use of its cars in mainland China.

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Billionaire Elon Musk flew into Beijing on Sunday, meeting Premier Li Qiang and hoping to bring Tesla’s autonomous driving technology to China amid intensified competition with local electric vehicle makers.

Further discounts offered by carmakers in a price war in mainland China’s electric vehicle market could ensnare even the likes of top seller BYD, Goldman Sachs says.

Chinese smartphone brand Xiaomi has declared initial victory in its foray into the crowded electric vehicle market, claiming more than 70,000 orders for its SU7 sedan in the first month.

Li Auto , Tesla’s nearest rival in mainland China, reduced the price of all its vehicles by up to 5.7 per cent, just a day after the US carmaker offered discounts to local customers amid an escalating discount war.

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Musk has ordered the company’s biggest lay-offs ever and staked its future on a next-generation, self-driving vehicle concept called the robotaxi. People familiar with his directives are unsettled by the changes the CEO wants to push through.

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Tesla has cut the prices of its Shanghai-made vehicles by more than 5 per cent in mainland China, joining an intensifying discount war in the country amid a slowdown in the carmaker’s sales globally.

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