Plummeting EV Sales in China Spark Price Wars Between Major Companies
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Falling EV sales in China triggering price wars between companies like Nio, Li Auto, Xpeng, BYD, and Tesla.
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BYD cut prices on its cheapest model by 5% and launched a new crossover SUV priced 12% lower than its predecessor.
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Xpeng extending a 20,000 yuan discount on its G6 SUV, Geely dropped prices 10% on one model, and Tesla offering incentives.
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Even plug-in hybrids getting discounts - BYD's newest model priced 20% lower than previous version.
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Tesla sales fell 19% year-over-year in February in China, the company's lowest sales there since December. Morgan Stanley cut its price target, citing weakened Chinese EV demand.