SHANGHAI, July 10 Reuters General Motors Co on Monday cut the starting price for the Cadillac Lyriq in China by almost 14, joining Volkswagen in a new round of electric vehicle price reductions in a market where global automakers are under pressure.

The Lyriq, a luxury crossover based on GM39;s Ultium EV architecture, is now priced from 379,700 yuan 52,466 from 439,700 yuan 60,784 previously, according to GM39;s China website.

GM also offered an additional discount equivalent to almost 2,500 for Lyriq buyers who put down a deposit in China before the end of August.

GM39;s move came just after Volkswagen cut prices on its EVs in China, where the market share of madeinChina EV brands is rising and the market faces intense price competition.

VW39;s joint venture with stateowned automaker FAW on Friday announced discounts of between 8 and almost 27 on its IDseries of electric vehicles.

VW39;s other jointventure with stateowned automaker SAIC offered a limited time discount on the ID.3 hatchback, another VW EV, by the equivalent of just over 5,100. That put its starting price below the Qin EV from BYD, one of China39;s most popular models.

VW is China39;s topselling foreign automaker.

Since January, when Tesla cut prices in China, about two dozen automakers have followed with price cuts of their own to stay competitive and stoke demand.

China39;s auto market, the world39;s largest, is on track for overall growth of about 3, with the share of EVs and plugins rising…