Chinese electric vehicle manufacturers are scrambling to offer more discounts on a larger scale even at the cost of profit margins, the South China Morning Post reported Thursday.

BYD (SHE:002594, HKG:1211), Li Auto (HKG:2015), XPeng (HKG:9868), and Geely Automobile (HKG:0175) have cut prices on 124 electric vehicle models in the first nine months of the year, the report said, citing the China Passenger Car Association.

The number of EV models whose prices have been slashed is higher than the 97 models seen in 2023, according to the SCMP.

The discounts have "reached a record," SCMP quoted CPCA General Secretary Cui Dongshu as saying.

Only BYD and Li Auto have posted profits out of the more than 50 EV makers in China due to higher investment in research and development, the report said.

(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.)

Price (HKD): $298.80, Change: $+13, Percent Change: +4.40%