China's EV Sector Sees Price Adjustments: Lithium Carbonate Drops, Chery Cuts NEV Prices
China's battery and electric vehicle sectors have seen significant price adjustments. The average price of battery-grade lithium carbonate has dropped, while Chery New Energy has reduced prices for several of its NEV models.
The average price of battery-grade lithium carbonate in China stood at RMB 277,500 per ton as of March 24, a sharp decline from previous months. This key raw material for batteries has seen its price fall significantly, impacting the cost of electric vehicles (EVs).
Chery New Energy, a major player in China's NEV market, has announced price reductions for three of its models. Effective March 27, the Wujie Pro's starting price range is now RMB 84,900 to RMB 110,900, while the QQ Ice Cream's Milkshake version has seen a 10% reduction to RMB 4,000. The Little Ant's latest starting price range is RMB 64,999 to RMB 94,000, with its 408km range model receiving an RMB 9,000 price cut.
These price reductions come amidst a call from the China Association of Automobile Manufacturers (CAAM) for a return to normalcy in the industry, following recent price wars.
The falling price of lithium carbonate and the price reductions by Chery New Energy are expected to make EVs more affordable, potentially boosting demand. However, the CAAM's call for a return to normalcy suggests that the industry is keeping a close eye on these developments. Chery's NEV sales in January-February 2023 were 13,293 units, down 57.6% year-on-year, indicating that the market may be sensitive to price fluctuations.
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