Chinese electric vehicle (EV) giant BYD has slashed the price of its popular Seagull hatchback by 20%, intensifying a growing price war that has already rattled stock markets and sparked fears over long-term profitability across the sector.
The move sent shockwaves through China's already oversaturated EV market, causing BYD shares to tumble by over 8% on the Hong Kong Stock Exchange. Other EV makers, including Xpeng, Nio and Geely, also saw their stock prices slide in response.
