Overview

• BYD reduced prices on 22 electric and plug-in hybrid models through June, with the deepest cut of 34% on its Seal 07 DM-i sedan.
• Hong Kong-listed shares slid over 8%, erasing billions in market value and shaving about $1.8 billion from billionaire cofounder Wang Chuanfu’s net worth.
• Geely, Great Wall Motor, Leapmotor and other domestic rivals followed BYD’s lead with their own markdowns, intensifying competition in an already crowded market.
• Despite the discounting, BYD overtook Tesla in European EV sales for April and captured roughly half of UK consumer interest in Chinese EV listings.
• Analysts warn the fierce price war could force out loss-making manufacturers and accelerate consolidation among China’s more than 100 EV brands.