Posted 3/7/2024, 8:16:14 AM
Falling EV Sales Spark Price Wars Among Chinese Automakers
- Falling EV sales in China triggering price wars between companies like Nio, Li Auto, Xpeng, BYD to boost sales
- BYD cut prices 5% on cheapest model and launched new crossover SUV 12% cheaper than predecessor
- Tesla and other brands also offering discounts and incentives to boost sales
-Possibility that after years of growth, Chinese EV market oversupplied domestically
-Tesla sales fell 19% in China in February, shares down on worries of weakened Chinese EV demand