Because the Chinese government is subsiding it from several different angles. China’s Provinces Offer EV Sweeteners as National Subsidies Fade

wild guess, but the Velite 6 doesn't have a "transmission hump" which makes it an actual 5-seater without having to have the middle seat straddle the battery tunnel, and maybe that's an important thing for the design in some way.No, it's a totally different animal: Buick Velite 6 for China previews new GM approach to electric cars
The puzzling thing is why GM would go and create a one-off architecture for this new car, moving away from the Volt's, the Bolt, and architecture and Ultium? There needs to be a bigger play at hand or another car company involved but I haven't seen any hint or evidence of these things. ...yet
And the Volt designers to the Prius team...(...if you've seen the pix of the new Prius...)...Seems to me Toyota leased their old Prius' designers team to GM...
??? They are still selling this Velite 6 PHEV in China right now...GM dropped all PHEV's everywhere at the same time as the Volt. Even China.