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BMW recently issued big price cuts in its electric vehicles that were made in China. To be more specific, the German automaker lowered the prices for its China-made all-electric iX3 SUV model.
As per CNBC, BMW announced on Jan. 28 that the recommended retail price for its iX3 electric vehicle will start at CN¥399,900 or around $61,713. This value is down by CN¥70,100 or roughly $10,800. This means that the China-made BMW iX3 SUV is now 15% cheaper today since its original price that was announced in September 2020 was CN¥470,000.
The reason for the high price cut
The Express noted that BMW slashed the prices of its electric SUV as it is looking to compete with other EV makers such as Tesla and NIO Inc., the newest Chinese electric car start-up company. The German automotive company is trying to bring its EVs closer to the competition.
BMW’s more than $10,000 price reduction is a response to Tesla’s price cut for its Model Y units. Elon Musk’s company dropped its cost by 30% earlier this year, and it is now just CN¥339,900. As for Nio, it is selling its newest EV model for CN¥358,000.
“For its size, the iX3 would be competing directly vs. the Tesla Model Y & NIO ES6, which both have starting prices substantially less than the iX3 prior to this cut,” Tu Le, founder of Sino Auto Insights, a China-based advisory firm, commented about BMW’s move. “So BMW must’ve seen softness in the demand for the iX3 at that price point but bottom line it wasn’t competitive.”
BMW in China
The German car company has been building its iX3 SUV in China in partnership with Brilliance Auto. They have entered into a joint venture, and the said vehicle model will be the first unit that they will be exporting together overseas.
BMW is not the only foreign car company that expressed interest in China for launching electric cars globally. The country is fast becoming a popular region for expanding businesses in the auto industry, and this is why the government is fully supporting the Chinese EV market.
