The News
Chinese electric vehicle stocks plummeted after BYD, the world’s biggest EV maker, announced that it would slash prices by up to 34% amid a global price war.
EV sales have recently reached an all-time high, but growth is slowing.
A backlash against Tesla over CEO Elon Musk’s controversial role in the White House, the scrapping of government incentives globally, and rising tariffs on Chinese-made EVs have further kneecapped demand: Last week, producers in Brazil — one of the world’s biggest car manufacturing countries — called for sanctions on BYD in response to the company’s dominance, Nikkei Asia reported.
BYD accounted for 70% of EVs sold in Brazil in the first quarter.
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