Summary of imported auto brands joining price cuts in China after hefty tariff break
Shanghai (Gasgoo)- China will cut the import tariffs on complete vehicles and auto parts from July 1, 2018, which is another milestone for the country's four decades of reform and opening-up. Specifically, 135 tariff items with tax rates standing at 25% and 4 tariff items with tax rates standing at 20% will be reduced to 15%. This is quite a big reduction that will undoubtedly be welcomed by the consumers who intend to buy imported premium cars.
A number of multinational automakers have dropped the prices of their vehicles in China successively to uphold the tariff cut policy. Telsa, the fastest doer in releasing concrete price cuts plan, announced that it will slash up to RMB 900,000 off its Model X. Apart from Tesla, another a dozen of imported vehicle brands that have claimed price cuts in China, including Tesla, Jeep, Ford, Lincoln, Mitsubishi, Volvo, Mercedes-Benz, BMW, Audi, Volkswagen, Lexus, Infiniti and Jaguar Land Rover, and so on.
Gasgoo summarizes some models' price adjustments of the above brands. It could be learnt that this imported vehicle price slash covers a wide range of brand originations, such as the U.S., Japan, and Germany. Meanwhile, many brands cut the prices on multiple models. According to reliable data, Mercedes-Benz reduced the prices on over 100 models, covering the largest number among all brands. The biggest price-cutter should be Jaguar Land Rover, who slashed up to RMB 392,800 off the Jaguar F-TYPE.
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