Reported 1 day ago
Shares of major Chinese automakers, including BYD, Nio, and Geely, fell sharply after BYD announced new trade-in incentives for over 20 models amid increasing competition and price wars in the industry. The CEO of Great Wall Motors expressed concerns about the health of the auto sector, likening it to the struggles faced by the Evergrande property developer, highlighting issues such as heavy losses and declining product quality due to aggressive price reductions.
Source: YAHOO