BYD, a Chinese electric vehicle (EV) manufacturer, has been gaining market share from Tesla in recent times. However, its shares have taken a hit after the company announced price cuts on some of its models.
The price reductions are seen as a response to the growing competition in the EV market, particularly from BYD itself. Citi analysts expect other Chinese automakers to follow suit and lower their prices, which could further disrupt Tesla’s dominance in the industry.
BYD has been aggressively expanding its presence globally, with new manufacturing facilities and partnerships established across various regions. This strategic move aims to increase its market share and provide more affordable options for consumers.
Source: https://www.marketwatch.com/story/china-ev-maker-byd-has-been-grabbing-market-share-from-tesla-its-shares-are-tanking-after-price-cuts-6bbbe0d3