BYD Price Cuts Sink Shares, Deepens EV Price War

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.