A new-energy vehicle bought for about $42,000 can be worth less than $21,000 three years later, while a comparable petrol car may still retain more than about $25,000.

October gave China's carmakers plenty of reasons to celebrate. Leapmotor, Xpeng, Nio, BAIC New Energy, FAW Bestune, Lynk & Co and Dongfeng eπ all set monthly sales records. BYD and Geely also delivered strong figures.

Amid sweeping change in China’s automotive market, FAW-Audi’s value system is being quietly rewritten. Price cuts are merely the most visible symptom of a far deeper transformation.