Shares of BYD fell as much as 8.25% on Monday after the Chinese EV maker cut prices on 22 electric and hybrid models, according to CNBC. Discounts included 20% off the Seagull hatchback and 34% off the Seal hybrid sedan. The reductions are effective through June and follow earlier markdowns on BYD’s Han and Tang lines. Citi analysts estimate dealership foot traffic jumped 30 to 40% over the May 24th weekend in response. Citi analysts do not believe BYD’s price cuts will harm its competitors’ market share. They anticipate strong sales growth for lower-priced new energy vehicle companies due to limited competition in that segment.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Shares of BYD fell as much as 8.25% on Monday after the Chinese EV maker cut prices on 22
00:08electric and hybrid models, according to CNBC. This got included 20% off the Seagull hatchback
00:14and 34% off the SEAL hybrid Sanan. Productions are effective through June and follow earlier
00:19markdowns on BYD's Han and Tang lines. City analysts had to make dealership foot traffic
00:24jumped 30 to 40% over the May 24th weekend in response. City analysts do not believe
00:29BYD's price cuts will harm its competitors' market share. Anticipate strong sales growth
00:34for lower price, new energy vehicle companies due to limited competition in that segment.
00:38For all things money, visit Benzinga.com slash GSTV.