BYD Discounts Threaten China's Auto Market

This is a China news story, published by CNBC, that relates primarily to BYD news.

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China Automobile Dealers Association

CNBC

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Technology

China’s EV price war is heating up. What’s behind the big discounts?

Summary

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84% Informative

Industry giant BYD last week announced a slew of discounts — some of nearly 30% or more — across several of its lower-end battery-only and hybrid models.

The average car retail price has fallen by around 19% over the past two years to around 165,000 yuan ($ 22,900 ) In contrast, the average price of a new car in the U.S. was $ 48,699 in April , up nearly 1% from two years earlier .

Fitch managing director says double-digit growth of new energy vehicles sales in China is eating into internal combustion engine cars' slice of the pie.

China 's top leaders have increasingly called for efforts to address non-productive business competition, known as "involution" The massive effort to produce lower-cost electric cars in China has increased worries about the impact on other countries' auto industries.

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formal

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English

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