BYD offered discounts on 22 of its electric and plug-in hybrid models that it sells in China until the end of June, fanning the flames of a renewed sector-wide price war. While EV sales have overall reached new annual highs, growth has been decelerating.
BYD Co led Chinese electric vehicle stocks lower in Hong Kong on Monday, as investors digested the auto giant’s sweeping price cuts of as much as 34% late last week.
Shares of China’s No. 1 selling car brand tumbled as much as 8.3%, while peers Li Auto Inc, Great Wall Motor Co and Geely Automobile Holdings dropped more than 5% amid investor concern about intensifying competition in the sector.
