Chery New Energy has slashed the official guide prices of its cheaper Little Ant and QQ Ice Cream models by 7.7 percent to 16.7 percent.

Chery has slashed prices on its new energy vehicle (NEV) models in anticipation of a potentially more cut-throat 2024, even though the New Year has yet to begin.

Chery New Energy, Chery's NEV subsidiary, announced today that it has lowered the official guide prices of its Little Ant and QQ Ice Cream series models by RMB 5,000 ($704) to RMB 8,000, with the adjustment taking effect today.

The pre-adjustment price range for these inexpensive models was RMB 35,900 to RMB 82,900, with the latest price cuts ranging from 7.7 percent to 16.7 percent.

The four versions of QQ Ice Cream, previously priced at RMB 35,900 to RMB 49,900, have all been reduced by RMB 6,000, with the latest prices ranging from RMB 29,900 to RMB 43,900.

The four versions of Chery Little Ant, previously priced at RMB 64,900 to RMB 82,900, have been reduced by RMB 5,000 to RMB 8,000, with the latest prices ranging from RMB 59,900 to RMB 74,900.

"Chery New Energy fired the first shot of official price cuts for the new year, with price reductions to as high as RMB 8,000 for its models," it wrote on Weibo.

This is due to further improvement in cost control and supply chain management capabilities, aiming to inject new momentum into the new round of growth, it said.

Both cars are mini EVs, with the Chery Little Ant powered by a permanent magnet synchronous motor with a maximum power of 30 kW and a peak torque of 120 Nm, with a range that includes 251 km and 321 km options.

The QQ Ice Cream is powered by a motor with a maximum power of 20 kW and a peak torque of 85 Nm. The range of the model includes 120 km, 170 km and 205 km options.

Chery Group sold 212,076 vehicles in November, up 111 percent year-on-year, topping 200,000 for the second consecutive time in the year, according to figures it released earlier this month.

Chery didn't release November NEV sales figures for the group, whose brands include Chery, Exeed, and Jetour.

($1 = RMB 7.0979)

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