Etiqueta: Industry

As BYD slashes prices again, automakers, regulators, and suppliers react sharply, warning of unsustainable tactics and long-term market risks

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BYD has announced new partnerships to significantly expand its network of megawatt charging stations for electric cars beyond the 4,000 planned to date. BYD

(Bloomberg) -- BYD Co. shares fell, bringing losses over the past week to more than 17%, on concern that its price cuts are drawing government scrutiny and becoming unsustainable for the Chinese EV industry.Most Read from BloombergBillionaire Steve Cohen Wants NY to Expand Taxpayer-Backed FerryWhere the Wild Children’s Museums AreThe Economic Benefits of Paying Workers to MoveNow With Colorful Blocks, Tirana’s Pyramid Represents a Changing AlbaniaNYC Congestion Toll Brings In $216 Million in Fir

BYD faces backlash for aggressive discounts in domestic EV market as Chinese officials warn of damage to supply chains and reputation.

BYD Co. shares continued their plunge despite monthly sales climbing to the highest this year as the steep discounts the industry uses to entice buyers draws scrutiny from Beijing.

BYD sold more cars in May than any other month this year, racking up 382,476 vehicle sales after cutting prices by as much as 34% in the final days of the month, according to a company statement Sunday. Out of the total, 376,930 were passenger vehicles. 204,369 were fully electric, while 172,561 were plug-in hybrids […]

The Chinese automaking giant sold 382,476 vehicles last month, according to a statement Sunday. Of those, passenger cars were 376,930.

China’s automobile industry association warned against “vicious competition,” days after BYD Co.’s price cuts fueled market concerns of a discount war that would further weigh on profits of electric carmakers.

A top industry group had a stern rebuke Saturday for automakers fuelling a "price war", a week after Chinese EV giant BYD announced sweeping trade-in discounts, with multiple competitors following suit.Days later, Stellantis-backed Chinese EV startup Leapmotor announced similar discounts on two "entry-level" models through June 8.