Xue Xu: First of all, there's still a lot of room for price innovation. We have significant potential to explore. At the same time, prices are very sensitive. Recently, when I spoke with companies that supply parts and components, I was surprised by the data they provided. The actual cost of some parts might be around 150 or 160 yuan, but Japanese suppliers are selling them for over 1,000 yuan. The Chinese market is one of the few places where such a big gap exists. For example, some cars are sold in China for more than 100 dollars, but their selling price reaches as high as 220 or 230. Overall, our pricing still has a huge space for improvement. Volkswagen, for instance, is regretting its current pricing strategy. It’s clear that reducing costs is a key priority for the Chinese consumer. In the past, because products were expensive, we had to focus on cost control. Now, if prices can be reduced to some extent, and given the large margin available, it makes sense to do so. At the last Qingdao meeting, there was talk about the possibility of Chinese car prices dropping by 30% to 40%. While this may not happen immediately, I believe it’s very likely in the long run. Some may disagree with me, but I’ve seen a lot of data on parts and components. The potential for cost reduction is really substantial. However, many of our technologies are still controlled by foreign entities, which limits how much we can bring down the price. This is a process, and the key isn’t just about lowering the price—it’s about making people recognize the value of the product. For example, when someone spends 1.8 million yuan, they’re not just buying a car; they’re buying status, identity, and a sense of prestige. If you give them the same money to buy more features, that’s great. But if you give them a cheaper car, like a 60 Alto, even though it’s functional, it doesn’t satisfy their need for recognition. The boss once said, “You're smart, and this is a good reward.” But that’s not realistic. A 1.8 million yuan car isn’t just a vehicle—it’s a symbol. That’s why people choose Mercedes-Benz, not just for the car itself, but for the image and value it represents. In my view, price wars are just surface-level phenomena. On one hand, they show that we’ve made big cuts. When we reduce prices, the effect is immediate. But after a while, the impact fades because we’ve already reached the bottom of the current stage. We can’t go lower anymore. So, we need to shift back to building brand value. How do we make a car feel valuable? Either by proving it’s worth the price or making it seem more valuable than others. These are the only two options—there’s no other way forward. (Editor: Above Content)

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