Foreign luxury car brands offer steep discounts in China
In China, buyers are benefiting from significant discounts on foreign luxury automobiles, such as Cadillac, BMW, and Audi, as these brands contend with the rapid growth of domestic manufacturers like BYD. For example, the BMW i3 is offered at a 51% discount, though financing is required. Similar reductions apply to other models, like the BMW i5 and Audi Q4, while fuel-powered vehicles see lesser cuts. Cadillac dealers in Harbin have even launched a “buy one, get one free” campaign for specific models. This competitive pricing results from market pressures, with domestic brands gaining market share; Chinese-branded car sales increased by 11% in April, while sales of foreign luxury cars dropped by 12%.