BYD, a major electric vehicle (EV) maker in China, has cut prices on 22 of its EV and hybrid models. Some prices dropped by up to 34%. For example, the Seagull model now costs only ¥55,800 (about $7,800), and the Seal hybrid’s price fell by ¥53,000.
These price cuts have started a trend across the industry. Other car makers like Chongqing Changan Automobile offered a cash discount of ¥25,000 on its Deepal S07 model. Zhejiang Leapmotor also lowered prices on its C16 crossover and C11 mid-sized SUV.
Citi Research analysts expect more car companies to follow BYD’s lead. After the weekend discounts, BYD dealerships saw a big increase in customers, with showroom visits rising by 30% to 40% compared to the previous week.
However, BYD’s stock price dropped over 7% on the A-share market, with trading volume exceeding 10 billion yuan.
Shares in Geely Automobile fell 7.3% while Great Wall Motor Co and Li Auto dropped 2.9% and 4.9% respectively Meanwhile shares in Xpeng declined by 4.2%
Be First to Comment