The meeting covered topics including promoting the development of the NEV industry, boosting NEV consumption, and encouraging the expansion in overseas markets, according to local media.

(Image credit: CnEVPost)

China's major car companies and key industry chain players recently met in Beijing to discuss the development of the automotive industry and industry chain, local media Cailian said in a report today, citing multiple sources.

The meeting was organized directly by government ministries and covered topics including promoting the high-quality development of the new energy vehicle (NEV) industry, boosting NEV consumption, and encouraging the expansion in overseas markets, according to the report.

The brief report did not mention much more, including which companies participated or the specific government department that called the meeting.

China saw auto sales grow in 2023, despite ongoing economic challenges.

The country's passenger car sales in 2023 were 21.67 million units, up 5.6 percent year-on-year, according to data released earlier this month by the China Passenger Car Association (CPCA).

Retail sales of NEVs were 7.74 million units in 2023, up 36.2 percent year-on-year, contributing 35.7 percent of all passenger vehicle sales, up 8.1 percentage points from 2022.

Vehicle exports from China were 1.048 million units in 2023, up 72.0 percent year-on-year, according to the CPCA.

Notably, China's auto market has weakened heading into 2024, and several car companies have begun offering large discounts, exacerbating the ongoing price war.

During January 1-14, retail sales of China's passenger NEVs were 226,000 units, up 33 percent from the same period last year but down 21 percent from the same period the previous month, data released by the CPCA on January 17 showed.

Wholesale sales of Chinese passenger NEVs in the period were up 26 percent from a year ago to 216,000 units, but down 32 percent from the same period in December.

Li Auto (NASDAQ: LI) said on January 11 that its 2024 model will be released and deliveries will begin in March. It also announced at the time that it was offering purchase discounts on 2023 models.

Li Auto didn't mention the exact amount of the discounts, though a local media outlet previously said they were in the range of RMB 35,000 ($4,860) to RMB 38,000.

Tesla (NASDAQ: TSLA) on January 12 cut prices for almost its entire Model 3 and Model Y lineup in China, with the Model 3 dropping as much as nearly 6 percent and the Model Y as much as nearly 3 percent.

Nio (NYSE: NIO) announced yesterday that it will start delivering 2024 models in March and begin offering discounts on current models, but didn't provide details.

Later yesterday, local media reported that Nio was offering discounts in the range of RMB 24,000 to RMB 40,000 for current models.

($1 = RMB 7.1964)

Nio reportedly offering up to $5,560 off current models