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Porsche to cut prices as tariffs slashed
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Porsche China Motors Limited said yesterday they will cut car prices following the country鈥檚 decision to reduce import tariffs on vehicles.
Effective from yesterday, Porsche China said it will implement new manufacturer suggested retail prices for all models on China鈥檚 mainland, aiming to offer more personalized options with optimized prices to enhance the experience for consumers.
According to a statement provided by Porsche China, the price of a Porsche Macan has been cut by about 32,974 yuan (US$5,159) to 550,000 yuan, while the Porsche Cayenne is 71,470 yuan cheaper, with a new price of 918,000 yuan.
The suggested retail prices listed on Porsche鈥檚 official website will be adjusted at a later date, the company said.
Porsche also mentioned that according to relevant laws and regulations, the retail transaction prices of its car models are subject to the determination of respective Porsche authorized dealerships. For details of retail transaction prices, consumers need to contact a Porsche authorized dealer.
On May 22, the Ministry of Finance said that China will cut import tariffs on vehicles to 15 percent from 25 percent starting from July 1.
Carmakers including Tesla, Mercedes-Benz, BMW, Volvo, Lincoln and Lexus have already adjusted the prices of their imported vehicles on the China market.
China imported over 1.2 million vehicles last year, taking up 4 percent of total car sales in the country, according to data from the China Automobile Dealers Association.
Bu Zhaohui, a market analyst from WAYS Consulting Co, said that reduced import tariffs on vehicles will benefit Chinese consumers, but the overall impact is limited. Sales of imported premium brand vehicles will be increased.
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