Porsche Has Cut Prices up to USD31,300 in China

Dou Shicong

(Yicai Global) June 8 –- German luxury carmaker Porsche AG’s China unit has slashed the prices of all models sold in the country’s mainland, its largest single market, about a month before tariffs on auto imports will be lowered in the region.

After the price adjustment, the retail prices reduced from CNY80,000-CNY200,000 (USD12,500 up), the Stuttgart-based automaker said in a statement.

China’s government issued a notice about lowering import tariffs on vehicles and auto parts on May 22. The average duty levied for autos will be 13.8 percent, while the average tax rate for parts and components will fall to 6 percent, effective from July 1 onward.

Porsche’s 911 GT2 RS, a top-class luxury sports car saw the biggest cut from CNY4,106,000 to CNY3,898,000, a decline of over CNY200,000, but the upscale coupe model is a limited edition and sold poorly in China last year.

With the automaker’s popular Panamera series, the price of an entry version was reduced from CNY1,078,700 to CNY998,000, while the price drop of Panamera Turbo S E-Hybrid Executive was more than a double of that, starting from CNY2,714,600 to CNY2,548,000.

Before Porsche, premium brands such as BMW, Mercedes-Benz, Audi, Volvo, and Lincoln have announced that they will cut their prices of imported cars sold in China’s mainland.

Editor: Emmi Laine