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GM cuts price of Cadillac Lyriq electric vehicle in China

Investing.com -- General Motors (NYSE:GM) has slashed the price in China of its Cadillac Lyriq luxury crossover model, in a sign of intensifying competition in the country's massive automotive market.

According to posts on GM's website in China cited by Reuters, the Lyriq is now priced at 379,700 yuan (CNY 1 = $0.1383), down from its previous level of 439,700 yuan. A further discount has also been offered to customers who put down a deposit on the car prior to the end of August.

The move echoes recent price cuts by Volkswagen (ETR:VOWG_p) on its electric vehicles in China. The German firm's joint venture with state-backed FAW has unveiled reductions in the range of 8% to nearly 27% on its ID-series models, while a similar joint venture with state-owned SAIC has also slashed prices on VW's ID.3 hatchback.

Several automakers have unveiled price reductions in China since January, when electric carmaking giant Tesla (NASDAQ:TSLA) announced its own price cuts in a bid to boost sales in the world's biggest vehicle market.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.