China’s decision to end a more than decade-long subsidy for electric vehicle purchases has forced automakers, including Tesla , to deepen discounts to maintain sales as demand eases in the world's largest market.
, have raised prices for some models but opted to absorb most of the cost of the subsidy, the Reuters tally showed.
As some consumers rushed to take advantage of the subsidy while there was time, BYD doubled its retail sales in China in December from a year earlier, while Tesla's retail sales in China fell by 42%. It is also offering another 10,000 yuan in cash incentives and insurance rebates for buyers in January, which means it has effectively cut prices in China by up to 12% since early September, when that model was sold for 316,900 yuan.
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