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 Ltd. dropped more than 5% amid investor concern about intensifying competition in the sector.
