Shares of major Chinese automakers fell sharply Monday after BYD announced fresh incentives on over 20 models, according to Reuters. China’s prolonged automotive price war intensifies as carmakers slash prices and offer premium features like smart-assisted driving at no extra cost.BYD’s Hong Kong-listed stock dropped 8.6% after it cut the starting price of its Seagull EV to $7,765 for trade-in customers. Geely, Nio, and Leapmotor also saw losses ranging from 3% to 9.5%. Great Wall Motors Chairman Wei Jianjun warned the industry mirrors the Evergrande property crisis, citing unsustainable losses, delayed payments, and declining product quality. China’s state planner recently cautioned that some automakers may face regulatory action for selling below cost and disrupting fair competition.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Here's a major Chinese automakers fell sharply Monday after BYU announced fresh incentives
00:06on over 20 models, according to Reuters. China's prolonged automotive price war is
00:11intensifying as carmakers slashed prices and offered premium features like smart assistant
00:15driving at no extra cost. BYU's Hong Kong listed stock dropped 8.6% after it cut the starting
00:21price of its Seagull EV to $7,765 for trading customers. Gili, Nile, and Leap Motor also saw
00:28losses ranging from 3% to 9.5%. Great Wall Motors chairman Wei Xinjun warned the industry
00:34mirrors the Evergrande property crisis, citing unsustainable losses, delayed payments, and
00:40declining product quality. China's state planner recently cautioned that some automakers
00:44they face regulatory action for selling below cost and disrupting fair competition.
00:49For all things money, visit Benzinga.com slash GSTV.