Tesla has set off a chain reaction in the electric vehicle (EV) market, with several companies following suit and reducing their prices. The latest to join the trend is Neta, which is offering a cash value incentive to potential customers.
If they put down a deposit of RMB 5,000 ($765), the company will treat it as RMB 20,000 ($3,060) once the car is ordered and paid for. This is nearly a $3,000 discount at current exchange rates. The promotion is only valid until the end of February and excludes two of Neta’s most expensive versions of the Neta S.
The Neta S is available as either a battery EV or range extender EV and ranges in price from $30,000 to $50,000. With the cash value incentive, the cheapest version of the Neta S can be purchased for $27,000. The battery powered EV has 455 hp and 620 Nm of torque, with a claimed acceleration of 0-100 km/h in less than 4 seconds and a range of 400 miles.
See also: Neta to Introduce Electric Vehicles Featuring CATL’s Skateboard Chassis in 2024
The reduction in prices is a short-term benefit for buyers, but the long-term impact on residual values is unknown. Some used Tesla owners have reported losing as much as $18,000 in just a few days.
However, Tesla has the financial stability to play around with its prices and afford it for the long term. This could be a sign that Elon Musk wants to fulfill his promise of offering affordable EVs. Only time will tell if this change is permanent or if it will be a seesaw effect.
