Geely Automobile (HKG:0175) slashed 4% off the pre-sale price of its Zeekr 7X SUV during its launch in Shanghai, the South China Morning Post reported Friday.
The premium EV brand priced the 7X at 229,900 yuan, which is 9,100 yuan lower than the pre-sale price set on Aug. 30, the report said.
Geely received orders for 58,000 units of the 7X since order-taking began three weeks earlier, the report said.
The price reduction is seen to be Geely's response to a tough war for the crown in China's tough EV war, the SCMP said.
Geely shares rose 4% during Monday's morning trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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