Foreign carmakers offer steep discounts on petrol-powered cars in cutthroat Chinese market

Foreign carmakers have been slashing the prices of petrol-powered cars they make in China by more than 20 per cent to survive in a cutthroat market amid weakening consumer demand.

Last month, big international marques including Volkswagen and Toyota offered average discounts of 23. 4 per cent on cars powered by internal combustion engines, according to data from the China Passenger Car Association (CPCA). That…