China's budget electric vehicle (EV) market is getting more competitive as cost-conscious shoppers hunt for the best deals. With over a dozen smart EVs priced under 150,000 yuan (around $20,800)—including models from BYD and Leapmotor—buyers have plenty of options, especially with subsidies knocking up to 20,000 yuan off the price. But it’s not just about choice; a brutal price war is heating up, pushing automakers to slash prices even further to attract buyers. Analysts say this reflects a broader trend of "consumption downgrade," where people are tightening their belts, even in big-ticket purchases like cars.

Editor’s Note: This isn’t just about cheap EVs—it’s a sign of how China’s economy is shifting. With consumers prioritizing value over flashy features, automakers are scrambling to win over budget buyers. That could mean better deals for shoppers, but it also squeezes profit margins for companies. For the global EV race, it shows how China’s market—already the world’s largest—is evolving, with affordability becoming a major battleground.