A discount close to $30,000 in some states to clear old stock in the wake of a tax break ending has allowed VW-owned Cupra to undercut China’s BYD and MG.

Cupra has dropped the price of its Formentor plug-in hybrid (PHEV) by up to $27,950 to clear 10 months’ worth of stock in the four to seven months remaining until the arrival of an updated model.

It follows a 70 per cent sales slump in the months after a lucrative Fringe Benefits Tax (FBT) exemption – which cut about a third off the price of a PHEV purchased through a novated lease – ended earlier this year.

The soon-to-be-updated Formentor VZe PHEV is now available for $43,040 drive-away nationwide, a reduction of $24,950 to $27,950 compared to its regular prices of $67,990 to $70,990, depending on the state of registration.

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