(AsianFin)—Following the launch of Xiaomi SU7 priced at 215,900 yuan (US$ 29,839), a fresh wave of price reductions has swept through the new energy vehicle market. On Monday, several automakers including Weltmeister, NIO, and XPeng unveiled preferential policies or subsidy initiatives, translating into significant price cuts.  Weltmeister's new M7 offers a direct price cut of 20,000 yuan; XPeng's G9 offers subsidies of up to 20,000 yuan; NIO's 2024 models offer a subsidy of 10,000 yuan for gasoline car replacements, while certain models from Geely provide a maximum discount of 53,000 yuan for trade-ins.