New electric car bargains incoming: Influx of Chinese brands like Deepal, Zeekr, Xpeng and Leapmotor to drive discounts in “crowded ” market
Australia’s top-selling car maker says the influx of new Chinese brands is causing our car market to feel “crowded” – and will lead to new-car deals for shoppers.
That’s the word from Toyota in Australia, which says the brand battle will be “good for consumers” hoping to snag a bargain as manufacturers essentially compete for business.
The results are already appearing in Australia, with MG the latest to act in slashing as much as $10k off the price of its MG4 Excite 51, now just $30,990 drive-away nationwide. Peugeot was another reacting, slashing circa-$25k off its e-2008 in May, though stock quickly sold out at that price.
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Tesla has been constantly reducing the price of the Model 3 and Model Y, while the GWM Ora just had another price haircut, shaving around $2000 off the cost of the small EV, which now starts from $33,990.
And that could just be the beginning, says Toyota, with the Japanese giant claiming the ever-growing number of brands now duking it out in Australia is essentially unsustainable.
“I read… that there are 70 brands represented in a market that’s at best 1.2m (sales). At best. And every other day I read about another (new brand),” says Toyota Australia’s VP of Sales and Marketing, Sean Hanley.
“It’s hard to believe you can have 70 brands that can prosper in a market of below 1.2m (sales). We’re forecasting that market’s not going to sit above 1.2m for the next three years. It’s not going to fall off a cliff, but it’s probably going to come back.
“It’s a very crowded market. All I know is we’ve got to work hard.
“It’s good for the consumers – they’re getting plenty of benefits.”
Among the new brands that have either launched, or are set to launch, in Australia are Smart, Zeekr, Geely, Xpeng, Chery, Deepal, Leapmotor and BYD’s Denza.
