Chinese electric vehicle (EV) makers IM Motors and Leapmotor have rolled out major price reductions on key models, becoming the first automakers to follow market leader BYD in launching new waves of consumer discounts amid mounting pressure in China’s competitive EV market.
IM Motors, the EV arm of state-owned SAIC Motor Corp, announced a limited-time price cut on its LS6 mid-to-large-size electric SUV. The model’s new starting price is RMB 194,900 ($27,180), marking a reduction of RMB 45,000, or 18.76%, from the original guide price of RMB 239,900. With the inclusion of a RMB 15,000 government-backed trade-in subsidy, the effective purchase price can be further reduced to RMB 179,900, the company said.
The LS6, which debuted in October 2023, was initially offered in four variants with prices ranging from RMB 229,900 to RMB 291,900. In a subsequent update last September, IM Motors launched five additional variants priced between RMB 239,900 and RMB 302,900. Limited-time launch discounts previously brought those prices down to as low as RMB 216,900.
In addition to the price cut, IM Motors is offering aggressive financing incentives, including zero down payment and zero interest for the first two years of a five-year loan. The LS6 measures 4,910 mm in length, 1,988 mm in width, and 1,669 mm in height, with a matching wheelbase of 4,910 mm, positioning it firmly within the competitive mid-to-large SUV segment.
Meanwhile, fellow EV startup Leapmotor has announced substantial price reductions on its extended-range electric vehicle (EREV) models. For purchases made before June 8, the entry-level version of the Leapmotor C16 EREV will be discounted from RMB 155,800 to RMB 111,800 — a 28.24% drop. Similarly, the base version of the Leapmotor C11 EREV will see its price fall from RMB 148,800 to RMB 103,800, reflecting a discount of 30.24%.
These moves come just days after BYD, China’s largest EV maker, announced sweeping price reductions across its Dynasty and Ocean series. Company executives posted on social media platform Weibo on Friday to promote newly launched discounts on several affordable models, signaling a broader shift toward aggressive pricing strategies across the sector.
The latest announcements by IM Motors and Leapmotor suggest that more automakers may follow suit as competition intensifies and companies race to maintain market share in an industry where price sensitivity and government support remain key factors influencing consumer choice.