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Huawei-backed Aito cuts prices in China, following Tesla

Friday, January 13, 2023
Huawei-backed Aito cuts prices in China, following Tesla © Reuters. FILE PHOTO: A Huawei logo is seen at the Mobile World Congress (MWC) in Shanghai, China February 23, 2021. REUTERS/Aly Song/File Photo
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SHANGHAI/BEIJING (Reuters) -Chinese automaker Seres Group has cut starting prices for its Aito electric cars by 30,000 yuan ($4,460) from Friday, following price cuts by Tesla (NASDAQ:TSLA) last week and fuelling expectations of a wider price war.

The Aito M5 and M7 electric sports-utility vehicles, which were co-developed by the Chongqing automaker with China's tech giant Huawei Technologies Co, are priced from 259,800 yuan and 289,800 yuan after the price cuts, according to according to a notice on Seres' WeChat account.

For existing car owners who had picked up their cars before the price cuts, Seres is offering extended maintenance services for free as compensation, it added.

Tesla slashed prices of its Model 3 and Model Y cars by 6% to 13.5% a week ago,as competition intensified in the electric vehicles (EV) sector in China and demand is expected to falter in the first quarter.

That price cut, its second in three months, was quickly followed by protests by Tesla owners who had bought their cars late last year and wanted compensation or a rebate. Tesla has declined to compensate them.

Sales of Seres cars, which totalled 80,041 units in 2022, increased by more than six times from a year ago thanks to the newly launched M5 and M7 models. The cars are also displayed and sold in Huawei's showrooms.

($1 = 6.7278 Chinese yuan renminbi)

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    EUR/USD 1.0893 Sell  
    GBP/USD 1.2215 ↑ Buy  
    USD/JPY 128.63 ↑ Buy  
    AUD/USD 0.7067 ↑ Buy  
    USD/CAD 1.3326 ↑ Buy  
    EUR/JPY 140.13 Buy  
    EUR/CHF 0.9958 ↑ Sell  
    Gold 1,928.95 ↑ Buy  
    Silver 23.552 ↑ Sell  
    Copper 4.1248 ↑ Buy  
    Crude Oil WTI 75.74 ↑ Buy  
    Brent Oil 82.08 ↑ Buy  
    Natural Gas 2.429 ↑ Sell  
    US Coffee C 178.38 ↑ Buy  
    Euro Stoxx 50 4,241.12 Neutral  
    S&P 500 4,179.76 ↑ Buy  
    DAX 15,509.19 Buy  
    FTSE 100 7,820.16 ↑ Buy  
    Hang Seng 21,646.00 ↑ Buy  
    Small Cap 2000 2,001.22 ↑ Buy  
    IBEX 35 9,229.70 ↑ Sell  
    BASF 53.840 ↑ Buy  
    Bayer 56.80 ↑ Buy  
    Allianz 221.70 ↑ Buy  
    Adidas 157.92 ↑ Buy  
    Lufthansa 9.893 ↑ Sell  
    Siemens AG 143.72 ↑ Buy  
    Deutsche Bank AG 11.456 Neutral  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,680/ 6,740
(-30/ -30) # 1,292
SJC HCM6,680/ 6,760
(-20/ -20) # 1,310
SJC Hanoi6,680/ 6,762
(-20/ -20) # 1,312
SJC Danang6,680/ 6,762
(-20/ -20) # 1,312
SJC Nhatrang6,680/ 6,762
(-20/ -20) # 1,312
SJC Cantho6,680/ 6,762
(-20/ -20) # 1,312
Cập nhật 03-02-2023 13:15:37
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Cập nhật lúc 13:09:46 03/02/2023
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