India, Nov. 16 -- China may be the largest electric vehicle (EV) market in the world but such is the fierce nature of the competition here that even a brand like Mercedes-Benz is finding its sales lag and has now announced a major price cut across most of its electric offerings here.

Mercedes has reportedly slashed prices of its EV models in China by as much as up to $33,000 or approximately Rs.27 lakh. The EQE, for instance, was priced at 528,000 yuan (approximately Rs.60.67 lakh) but is now at 478,000 yuan (approximately Rs.55 lakh). The more substantial price cut comes on the EQS flagship electric sedan which is now at 956,000 yuan, down from 1.19 million yuan. This translates to a reduction of around $33,000 or approximately Rs.27 la...