Carmakers like BYD and SAIC Motor aren’t holding out hope for a ceasefire in the price war raging in China’s oversaturated EV sector.
The U.S. carmaker Tesla first initiated China’s EV price cuts in late 2022, which in turn spurred its domestic competitors like BYD to follow suit with their own discounts. There’s been sporadic truces in the fighting, but EV makers in China still turn to price cuts when they want to increase market share.
