Auto giants announce price cuts

Major brands unveil moves to maintain sales growth amid sluggish market

Five premium automotive brands have cut the prices of their models sold in China after the nation announced that it will reduce the value-added tax by 3 percentage points in the manufacturing sector starting from April.

Analysts say their fast response is intended to attract customers and help keep a rising trajectory they have managed to achieve in an overall sluggish and increasingly competitive market. They expected more premium brands to join the race.