(Yicai) Nov. 13 -- Dongfeng Nissan, the joint venture between Chinese carmaker Dongfeng Motor Group and Japanese auto giant Nissan, has released the first battery electric vehicle under its Venucia brand, which will be priced much lower than its competitors.

The Venucia VX6, a medium-sized five-seat battery electric sports utility vehicle, hit the market yesterday with a price of between CNY141,900 and CNY159,900 (USD19,450 and USD21,915), which can drop to as low as CNY135,900 with discounts.

The VX6 is priced at less than similar models from Chinese new energy vehicle startup Leapmotor Technology, considered the carmaker offering the lowest sales prices.

JVs’ electric car sales in China were generally not as good as domestic NEV startups, mainly because of higher prices and inferior technologies. Venucia’s low price shows the EV brand’s resolution to achieve its electrification transition goal at any cost, according to industry insiders.

“Only by achieving higher sales goals can we gain a position in the major market and have a sense of presence and a say in the market,” an insider at Venucia said about the brand’s pricing strategy.

A highly competitive market tests companies’ operating efficiency, systematic competitiveness, scale merit, and cash reserves, a marketing staff at an automotive JV told Yicai, adding that these factors give multinationals and JVs confidence in the price wars.

China’s NEV market has experienced several rounds of price wars this year. The latest round was in August, with more than 10 brands participating. On that occasion, Zeekr Intelligent Technology Holding, an EV brand owned by Geely Holding Group, cut the price of its Zeekr 001 by up to CNY37,000 (USD5,070).

Editors: Tang Shihua, Futura Costaglione