"Tesla's biggest rival in China, BYD, saw its sales slip for the first time in over 18 months amid China's bruising EV price wars. The Chinese automaker said in an exchange filing on Wednesday that it sold 396,270 cars in September, a 5.5% decline from the 419,426 cars it sold a year earlier. The last time BYD saw a sales drop was in February 2024. That month, BYD sold 122,311 cars, a nearly 37% drop from the 193,655 cars it sold in February 2023."
"In April 2024, Tesla announced that it was slashing the prices of its Model 3, S, X, and Y by 14,000 yuan, or about $1,930 each. Musk said at the time that Tesla's "prices must change frequently to match production with demand." "Other cars change prices constantly and often by wide margins via dealer markups and manufacturer/dealer incentives," he wrote in an X post on April 21, 2024."
BYD sold 396,270 cars in September, a 5.5% decline from 419,426 a year earlier, marking its first sales drop in over 18 months. The last decline occurred in February 2024, when BYD sold 122,311 cars, nearly a 37% fall from February 2023. BYD said in August that its "short-term profitability" was being weighed down by discounting. China’s EV market is engaged in a brutal price war involving about 100 brands, including Tesla. Tesla cut prices in April 2024 by 14,000 yuan and saw annual deliveries fall to 1.79 million in 2024. Xpeng CEO He Xiaopeng warned of an "elimination round" from 2025 to 2027 and questioned the long-term survival of many Chinese automakers.
Read at Business Insider
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