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 | Sunday, April 16, 2000, updated at 10:43(GMT+8) | ||||||||||||
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Buick to Lead Price Cuts for China's Auto IndustryIn the lead up to China's expected entry into the World Trade Organization (WTO), the Shanghai GM Automobile Co. announced April 14 it will slash prices for its three models of Buick sedans by an average 20,000 yuan (US$ 2,400).The prices for the cars, ranging from 318,000 (US$38,310) to 369,000 yuan (US$ 44,457), will be adjusted to between 295,000 (US$ 35,542) to 350,000 yuan (US$ 42,168), the joint venture of the US-based General Motors in Shanghai said. Due to government protection, automobiles in China have been overpriced despite gradual price cuts in recent years, and many anxious car-buyers are hesitating to dig into their wallets now, fearing that car prices will plummet further after China joins the WTO. The lower prices will trigger more competition among China's auto manufacturers, experts say. The GM venture began official mass production of the Buick sedans in Shanghai a year ago.
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