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GAC Honda, a joint venture between China’s GAC Group and Japan’s Honda Motor, has announced a discount of CNY100,000 (approximately USD14,600) on a limited run of Accord e:PHEV models, marking China’s auto market’s first post-Lunar New Year price cuts.
This promotion celebrates the 50th anniversary of the Accord and targets returning customers. The discount, the largest on this model since its launch, reduces the car’s price from the official guide of CNY238,800 (USD20,300) to CNY138,800 (USD20,300). GAC Honda has clarified that only 1,000 vehicles will be available under this offer.
The market landscape has shifted significantly. During the heyday of gasoline vehicles, buyers often paid premiums for an Accord. Today, the story is different. In January, the brand’s monthly sales dropped 27% compared to December, totaling just 13,800 units.
Over the past three years, GAC Honda’s 4S dealerships have rolled out numerous sales promotions. At one point, the actual transaction prices for Accords were more than CNY50,000 (USD7,300) below the official suggested price.
Within the competitive segment between CNY100,000 and CNY150, the market remains fierce. The automotive consumption index hit a historic low of 31.1 last month, according to the China Automobile Dealers Association.
To boost sales, over 10 automakers, including Tesla, Nio, XPeng, and Li Auto, recently introduced seven-year ultra-low-interest financing options.
Meanwhile, conventional fuel vehicle prices continued their upward trend in January, while new energy vehicle prices displayed a “decreasing volume, increasing price” trend, according to Cui Dongshu, secretary-general of the China Passenger Car Association.
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