Shares in BYD and other Chinese carmakers tumbled on Monday, after the electric vehicle champion fired a new salvo in a prolonged price war.
Hong Kong-listed shares in the Shenzhen-based company fell nearly 9 per cent, while its rivals Geely, Li Auto and Xpeng lost 7 per cent, 5 per cent and 4 per cent respectively.
BYD announced a fresh round of price cuts for more than 20 models over the weekend, bringing the price tag of its cheapest model — the pure battery-powered Seagull hatchback — to as low as Rmb55,800 ($7,770), according to the company’s promotional posts.
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