(Yicai Global) Oct. 26 -- Aito, an electric vehicle brand launched by China's Huawei Technologies and automaker Seres Group, has become the first marque to follow in Tesla's footsteps to reduce its prices ahead of an expected wave of discounts.

Buyers of Aito's sport-utility vehicles M5 and M7 cars can enjoy a discount of CNY8,000 (USD1,101), The Paper reported yesterday, citing a sales outlet. Market insiders believe the move indicates the emergence of a new round of price cuts in the new energy vehicle sector.

On Oct. 24, Tesla updated its prices in China, revealing up to CNY37,000 (USD5,0912) price reductions for China-made models to qualify for NEV subsidies. After the vehicle giant, some Chinese NEV makers may follow suit and drop their prices, Soochow Securities predicted.

Aito vehicles are co-designed by Seres and telecoms giant Huawei, and produced by the carmaker. Last month, the brand delivered 10,100 units, its second straight month to cross the 10,000 mark. In the third quarter, deliveries tallied 24,400 units.

Editor: Emmi Laine, Xiao Yi