China's new car market sees steeper price cuts in Jan, hitting both NEVs and fuel vehicle

China's passenger car market experienced a significant wave of price reductions in January, with the average discount for new vehicles reaching nearly 15%, driven largely by adjustments to new energy vehicle purchase tax policies and a re-pricing of luxury models.

The latest data provided by Cui Dongshu, Secretary-General of the China Passenger Car Association, shows that last month, the average price of discounted new passenger cars in the overall market was Yuan 248,000 ($35,878), with an average discount of Yuan 37,000. Breaking it down by segment, the average price of