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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