Leaked BYD letter signals China EV price war is set to intensify

Published On Nov 27, 2024, 12:21 AM

BYD Co., a leader in the Chinese electric vehicle market, has indicated an impending intensification of the price war in the automotive sector. A leaked email suggests that BYD has asked suppliers to prepare for price cuts of about 10% for the next year as the company positions itself for further discounts. The ongoing price war has already led to significant consolidation in the market, affecting smaller players while BYD's market share continues to grow. Despite the challenges in the industry, BYD has reported a strong performance, leading to increased revenue and sales figures, surpassing Tesla's revenue for the first time in the latest quarter.