By mid-January, nearly all of China’s top 10 carmakers by 2025 sales had rolled out early-year promotions, intensifying discounts to shore up market share, Caixin Global reported.

In early January, BMW cut prices on more than 30 models in China; major domestic players—including SAIC Motor, GAC Group, Chery Automobile, and Leapmotor Technology—rolled out subsidies, interest-free loans, and other incentives.

Some automakers, like BYD, opted to add features to plug-in hybrids without raising prices, while Tesla (TSLA) extended zero-interest financing to five years and added a seven-year low-interest plan.