China’s car buyers in for bigger discounts

Stiffer competition: Employees work on an assembly line producing electronic cars at a factory in Beijing. Many local carmakers in China are ramping up production, leading to an increase in overall supply. — Reuters

SEOUL: Hyundai Motor Co said the pressure to lower prices will intensify in China as domestic automakers flood the world’s largest car market with more vehicles.

Many local carmakers in China were ramping up production, leading to an increase in overall supply and forcing foreign companies to cut prices in order to compete, chief financial officer Lee Won Hee said on a conference call.