Tuesday February 17, 05:59 AM
VW's Shanghai JV cuts prices by up to 12 pct
SHANGHAI, Feb 17 (Reuters) - European automaker Volkswagen AG (Xetra: 766400 - news) 's car venture in Shanghai has slashed prices by up to nearly 12 percent to lure buyers into the showroom.
Car sales growth in China eased to single digits last year for the first time in at least 10 years, dampened by a slowing economy and cautious consumer spending.
The new Touran multi-purpose vehicle, with an engine size of 2.0 litres, is now priced at between 149,800 to 171,800 yuan ($21,920-$25,130)), down from 169,800 to 189,800 yuan previously, the venture said in statement on Tuesday.
The prices of its Polo series of compact cars have been slashed to as low as between 85,800 and 122,600 yuan, from between 90,800 to 133,000 yuan previously, it said.
Price for the Santana Vista sedans is caped at 124,800 yuan, down from 132,800 yuan, it said.
The venture, Volkswagen's tie-up with SAIC Motor Corp , China's biggest automaker, also produces Passat (Paris: FR0000038465 - news) , Lavida and other models.
It sold 40,642 cars in January, down 11.59 percent from a year earlier, data provided by the country's official industry association showed.
No sales target for the year was provided.
Volkswagen also operates a car venture in north China with FAW Group, producing Volkswagen and Audi (Xetra: 675700 - news) models.
($1=6.835 Yuan)
(Reporting by Fang Yan, Editing by Jacqueline Wong) Keywords: VOLKSWAGEN/CHINA
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