General Motors Slashes Lyriq EV Price In China By 14%: Report

General Motors Co GM has slashed the starting price for the Cadillac Lyriq by 14% in China.

Lyriq, constructed on GM's Ultium EV architecture, is now priced at ¥379,700 ($52,466), down from the previous ¥439,700 ($60,784), reported Reuters.

The move comes after Volkswagen AG VWAGY reduced its electric vehicle prices in China, where major automakers scramble to capture market share.

The report noted that Volkswagen's joint venture with Chinese state-owned automaker FAW announced discounts of 8% to about 27% in its ID-series of electric vehicles.

General Motors has also offered an additional discount equivalent to almost $2,500 for Lyriq buyers who have a deposit in China before the end of August.

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The report further noted GM sold 2,326 Lyriqs in the U.S. in the first half of the year and sold 918 in China in the first quarter.

Price Action: GM shares are trading flat at $39.61 in premarket on the last check Monday.