Chinese EV makers are offering incentives to compete with Tesla and Xiaomi's entry into the market.
The competition in China's EV world continues to heat up, as the market becomes more and more saturated. The country's automakers are aggressively trying to take advantage of Tesla's recent price hikes by offering incentives, while at the same time gearing up to compete with the 'disruptive' entry of Xiaomi into the market, Bloomberg reported this week. The report notes that on April 1, Shanghai-based Nio unveiled an incentive plan worth up to 1 billion yuan $186.
Xiaomi has now also entered the competitive EV market, announcing its new SU7 model's pricing and beginning to accept orders last week. The launch was met with enthusiasm, garnering over 88,898 pre-orders within the first 24 hours, as reported on Xiaomi's social media. Recall we wrote just days ago that Nissan is the latest manufacturer to aim to cut EV costs in order to keep up with an increasingly competitive and saturated landscape.
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