Chinese automakers are steering the electric era into a new phase, flooding the market with low-cost EVs and plug-in hybrids at the Guangzhou Motor Show.

With prices starting between 100,001 yuan ($14,100) and 150,000 yuan ($21,100), this new generation of vehicles sends a message that’s hard to miss: China intends to own the mass market for electrification.

Read: The Company That Started The EV Price War Now Says It’s Gone Too Far

According to Nikkei Asia, many of China’s biggest automakers are getting ready to export these budget-friendly newcomers. For Western legacy brands still wrestling with production costs and emissions targets, those prices don’t signal healthy competition so much as the opening act of a global price reckoning.

The Global Push Begins

Several new EV and PHEV models took the stage at the show, among them the Leapmotor A10, which is expected to start around 100,000 yuan ($14,100) and head for export worldwide. The company’s Lafa 5 electric hatchback is set to launch at roughly the same figure.

Nio made a strong impression with its Firefly, shown for the first time in right-hand drive. Priced around 100,000 yuan ($14,100) in China, the Firefly will enter 17 new markets next year, reaching into Central America and beyond. GAC joined in with its Aion i60, a range-extender SUV starting at 109,800 yuan ($15,500).

Price Wars Continue

The Chinese automotive industry has been in a price war for the past few years, and there are no signs of cooling, as carmakers feverishly battle to gain market share. The lower end of the market is proving to be an especially fierce battleground, Nikkei Asia reports.

During the first nine months of this year alone, 2.35 million EVs and plug-in hybrids priced between 100,001 yuan ($14,100) and 150,000 yuan ($21,100) were sold in China. That makes it the nation’s largest market segment, up from fewer than 1.5 million in the same range last year.

By contrast, models priced between 150,001 yuan and 200,000 yuan ($21,100–$28,200) have held steady at around 2.3 million sales.

There has also been significant growth in even more affordable NEVs. The number of vehicles sold in the $11,300 – $14,100 and $11,300-or-less price brackets has doubled to over 1 million units.

While the growing number of affordable models is good for Chinese customers, it’s hurting the automakers themselves. During the July-September quarter, BYD’s net profit fell 30 percent, its first decline in four years. Great Wall saw a similar hit, with profits falling 30 percent despite a 20 percent rise in sales.

Exports, meanwhile, are accelerating. Over the first three quarters of this year, Chinese brands shipped 1.75 million EVs and plug-in hybrids abroad, an astonishing 89 percent increase from the same period last year.

Source: Nikkei Asia