China’s auto joint ventures (JVs) are intensifying efforts to stimulate demand and catch up with homegrown players by releasing new, lower-priced models, escalating an already bruising price war in the world’s largest auto market. At least three new car models were launched over the past week by companies established by Chinese and foreign automakers. On Saturday, SAIC General Motors Corp.
Ltd. began taking preorders for its new Cadillac XT5 luxury SUV at a discounted starting price of 279,900 yuan ($39,300). That’s 120,000 yuan off the price of the previous model.
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