Foreign automakers slash ICE car prices in China amid demand slump

Foreign carmakers in China are offering steep discounts, averaging 23.4% on petrol cars in August, to counter weakening consumer demand and intense competition. This reflects a structural shift in China's auto market favoring EVs and domestic brands, squeezing foreign ICE market share. The pricing pressure signals deflationary forces in China's consumer sector and challenges for global automakers' profitability.