(Yicai Global) Feb. 8 -- Carmaker Geely Auto Group is making a debut in China's field of small electric cars with Panda Mini, priced as low as CNY39,900 (USD5,885).

The premium version of Panda Mini costs up to CNY53,900 and has a 200-kilometer range with DC fast charging, the Hangzhou-based company revealed recently.

The positioning of the new energy vehicle is close to that of SAIC-GM-Wuling Automobile's Hongguang Mini EV, which has been the top seller in the micro NEV segment since its launch in July 2020. Sales of the pioneering model tallied 554,000 units as of last year.

Affected by a fresh wave of price cuts for NEVs, SGMW announced in January that it will lower the minimum price of Hongguang to CNY29,800 from CNY32,800 until March 31.

Hongguang has attracted some rivals as firms, including Chery Automobile and Chang'an Automobile, have introduced models ranking in the top 15 of EV sales, according to the China Passenger Car Association. Last year, sales of micro NEVs tallied almost 1.1 million units, up 22 percent from 2021, and making up more than 19 percent of China's NEV market.

Editors: Dou Shicong, Emmi Laine, Xiao Yi