第一财经·2026-01-10 02:53Core Viewpoint - The Chinese automotive market is entering a new round of competition in 2026, characterized by aggressive promotions and new model launches, with significant price reductions initiated by major brands like BMW and BYD [3][4][5]. Group 1: Price Reductions and Promotions - BMW announced price cuts on 31 models, with reductions up to 300,000 yuan, prompting over five other joint venture brands to follow suit with discounts ranging from 10,000 to 50,000 yuan [3][5]. - BYD, the leading electric vehicle manufacturer, has also reduced the starting price of its new Qin L plug-in hybrid model from 119,800 yuan to 116,800 yuan while increasing its electric range from 120 km to 210 km [3][6]. - More than 20 automakers have launched promotional activities since January 1, with over 75 models involved, utilizing various strategies such as cash subsidies, fixed pricing, and interest-free financing [3][6]. Group 2: Market Dynamics and Expert Opinions - Industry experts, including Cui Dongshu from the China Passenger Car Association, believe the current price reductions are a rational adjustment rather than a price war, and they expect the trend to continue throughout 2026 [4][7]. - The increase in vehicle purchase tax effective January 1 has raised costs for consumers, influencing promotional strategies among automakers [6][7]. - Predictions for the first quarter of 2026 suggest a potential stabilization in the automotive market, with a year-on-year comparison expected to remain flat, despite a 25% decline from the previous quarter [7]. Group 3: New Model Launches and Competitive Strategies - The beginning of 2026 has seen a surge in new model launches, with companies like BYD and XPeng introducing multiple new vehicles, emphasizing features like enhanced configurations without price increases [9][10]. - The competition strategy has shifted towards "adding features without increasing prices," contrasting with previous years' direct price-cutting tactics [10]. - The transition from older models to new ones is accompanied by various promotional offers to clear inventory, ensuring a smooth introduction of new models into the market [10].