Dow Jones reports that Audi AG has cut the sticker price of its China-made models by up to 15%, blaming a weak auto market and increasing competition.
The new lower prices, effective from this month, represent the first such large-scale reduction in China’s luxury auto market, the automaker said.
Audi, a luxury marque owned by Germany’s Volkswagen AG (VOW.XE), has been one of the dominant players in China’s luxury auto market through a joint venture with China FAW Group in the Changchun.
The automaker cited a sluggish luxury auto market in China as a reason for the price cut, according to the Dow Jones report.
The report notes that locally made Audi A4 and A6 models are facing increased competition which includes locally-made BMWs.
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