Story perspectives
Foreign carmakers cut China petrol prices 20% amid EV surge
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Story summary
- Foreign carmakers in China cut petrol car prices by over 20% to stay competitive.
- Volkswagen and Toyota gave average discounts of 23.4% last month, slightly below July’s 23.7%.
- Overall car sales fell 23.6% year-on-year as EVs reached a record 65.2% of sales.
- Analysts said slow EV transition and accelerating electrification reduced foreign brands’ market share.
- The Iran war’s global energy shock steered budget-conscious buyers toward battery-powered vehicles.