Etiqueta: NIO

China's leading EV maker BYD announced price cuts to many of its models over the weekend, triggering fears of an intensifying price war.

BYD’s fresh price cuts have reignited China’s fierce EV price war, sending stocks of major local automakers tumbling.

Manufacturers are continuing to slash prices and offer premium features to lure in customers

Shares of Tesla Inc. (NASDAQ: TSLA) might be in for a rough week, according to fund manager Gary Black, following the announcement of steep discounts by the company's Chinese rival.

SHANGHAI (Reuters) -Shares in Chinese automakers such as BYD, Nio and Geely tumbled on Monday after industry leader BYD offered fresh incentives on over 20 models and the CEO of Great Wall Motors warned that the world's largest auto industry was in an unhealthy state. The Hong Kong-listed shares of BYD Co Ltd closed 8.6% lower, while Geely Auto fell 9.5%. Chinese electric vehicle giant BYD over the weekend announced a fresh round of subsidies and incentives for more than 20 models, which reduced the starting price of its cheapest model, the pure battery-powered Seagull hatchback, to 55,800 yuan ($7,765).

Carmaker BYD last week offered discounts for many of its models, triggering industry concerns about another price war.

BYD shares dropped 8.5% after announcing price cuts up to 35%.

After poaching some of the best Western auto talent, China’s car industry is about to dominate globally with charging rates, ranges, luxury design, technology, and sheer volumes.