Ford, GM in China price war as car sales slump, WSJ reports

Auto makers and dealerships in China are slashing prices after the lifting of pandemic controls failed to reverse slumping demand in the world’s largest car market, The Wall Street Journal’s Selina Cheng reports. Companies including Ford Motor (F), BMW Group (BMWYY), and Volkswagen (VWAGY) are offering deep discounts and promotions on electric vehicles after China phased out its nationwide subsidies for EVs. Others including General Motors (GM) and the maker of Citroen are slashing prices on their gas-powered cars, the author notes. China’s overall retail car sales fell by almost a fifth in January and February from a year earlier, with many consumers avoiding big-ticket purchases amid an uncertain outlook for the economy. Reference Link