Jaguar Land Rover cut prices in China to maintain market share
Jaguar Land Rover is looking to avoid China’s anti-monopoly probe by cutting prices on three of their luxury car models. Starting August 1, the company will cut prices by an average of 200,000 yuan (US $32,300) per car. Jaguar is doing this to protect its China market share according to Reuters.
“Due to the importance of the Chinese market, Jaguar Land Rover China immediately set up a process to review our pricing and decided to voluntarily reduce the price of three models,” the company said. The discounted models will include the Range Rover 5.0 V8, Range Rover Sport 5.0 V8, and the Jaguar F-Type Cabriolet.
The National Development and Reform Commission (NDRC) is putting pressure on foreign automakers, who dominate the Chinese luxury auto market. While Mercedes-Benz may also be probed by the NDRC, the auto industry is just the latest to feel the crackdown by Chinese regulators. The Bureau of Price Supervision and Anti-Monopoly has also recently targeted food and eyeglass companies.