Changan Eado Classic Slashes Price to ¥64,900 as Fuel Car Price War Intensifies Amid NEV Market Penetration Exceeding 60%

On May 16, 2024, Changan Automobile launched the Yidong Classic Edition with an official manufacturer's suggested retail price (MSRP) of RMB 87,900. The model is currently offered with a cash discount of RMB 23,000, bringing its actual selling price down to RMB 64,900—a reduction of 26%. Dealers in Hefei have already implemented this discounted price. This price cut is part of a broader wave of promotions currently sweeping the conventional fuel-powered vehicle market, with many models offering significantly steeper discounts than in previous years. According to data from the China Passenger Car Association (CPCA), in April 2024, the average transaction price of conventional fuel-powered new vehicles that participated in price reductions was RMB 131,000, with an average discount of RMB 23,000—representing a 17.2% decline. From January to April 2024, the average transaction price for these models stood at RMB 236,000, with an average discount of RMB 34,000, or a 14.6% reduction, spanning vehicle segments from entry-level to mid-to-high-end. Meanwhile, the market share of fuel-powered vehicles continues to shrink. In April 2024, new energy vehicles (NEVs) accounted for 61.4% of domestic passenger vehicle retail sales—the first time this figure has surpassed the 60% mark—meaning that more than six out of every ten passenger vehicles sold were NEVs.