BEIJING (Reuters) -Chery said on Monday it will offer purchase tax breaks, trade-in subsidies and auto finance discounts on some of its best-selling combustion models, as a ruthless price war rages in the world’s largest car market.
Among Chery’s combustion models eligible for the new incentives effective Monday are the Tiggo 8 Pro Champion Edition, the Tiggo 9 and the Arrizo 8 High Performance Edition, the automaker said in a statement on its account WeChat.
Orders of Tiggo 9, the sample edition of Tiggo 8 Pro and Tiggo 8 Plus, would be eligible for purchase tax breaks for a limited period, as well as trade-in subsidies of up to 20,000 yuan ($2,766.71) and discounts on car financing up to 5,000. yuan.
In June, China unveiled a massive tax break package for four years until 2027 for new energy vehicles, capped at 30,000 yuan per vehicle. Combustion vehicles are not subject to such disruptions.
Chery also announced discounts on the Arrizo 8 high-performance edition and Discovery (NASDAQ:) 06 off-road SUV of up to 15,000 yuan.
Rival BYD (SZ:) has cut prices on a series of new versions of its existing models since February, aiming to take on combustion engine vehicles with lower-priced electric ones.
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