(Yicai Global) Nov. 17 -- The Chinese joint venture of German luxury car brand Mercedes Benz has slashed the prices of some models in its all-electric EQ series by between 8.6 percent and 22 percent.

The price reductions affect the EQE 350, EQS and AMG EQS 53, Beijing Benz Automotive said. The move aims to match changing market demand, it added, noting that Mercedes Benz is also offering an exclusive subsidy program for customers who buy these models before Nov. 16.

BBA shaved as much as CNY229,700 (USD32,204) off the cost of an EQS sedan to between CNY845,000 and CNY1.13 million (USD118,500 and USD184,200), CNY198,600 off the AMG EQS 53 to CNY1.55 million, and up to CNY50,700 (USD7,110) off the EQE 350 to between CNY478,000 and CNY534,300, according to its website.

“In the past few years, BMW, Benz, and Audi, did not keep pace with the rapid growth of the new energy vehicle market in China,” said Cui Dongshu, secretary general of the China Passenger Car Association. “Traditional luxury auto brands, including BBA, are not performing as well as they should in the NEV industry.”

Sales of Mercedes Benz-branded new energy vehicles jumped 126 percent to 75,400 in the first three quarters of 2022 from a year earlier, accounting for 5 percent of the total, according to the carmaker's website.

Insurance data showed that in China, the world's biggest NEV market, there were less than 15,000 cars from Mercedes Benz's EQ series in the first three quarters.

Editor: Futura Costaglione