The electric vehicle price war in China is getting even uglier as top players like Tesla Inc. launch new models and others aggressively cut prices in a bid to stem slowing growth in the world’s biggest auto market.
Tesla became the latest to kick things off Friday when it unveiled its highly anticipated revamped Model 3. Minutes later, Elon Musk’s company slashed prices across its range of Model S and X cars in China and the US.
Guangzhou-based Xpeng Inc. was quick to follow. Seen as one of the most direct competitors to Tesla, it said it will now offer discounts on its flagship P7i sedan of up to 24,000 yuan ($3,300) for the month of September.
