Global Times has reported that competition in China's new energy vehicle (NEV) industry has intensified

According to Amac News: The report states that domestic and international brands are in a hurry to announce price reductions and release new models to capture more of the market.
According to the report, in April alone, more than 10 NEV brands announced their price cuts. The Chinese automobile company (Li Auto) reduced the price of its four models by about 5%. The American company Tesla also reduced the price of its Model 3 and Model Y cars.
China's auto market got off to a good start in the first three months of 2024, with NEVs maintaining a market share above 30 percent.
The Beijing International Auto Show is expected to boost domestic sales with 117 models including international brands and new car brands such as Nio, Xpeng and Xiaomi.