BYD’s Misfire With Price Cuts Sparks $20 Billion Stock Selloff
A renewed EV price war launched by BYD Co. has shaved more than $20 billion off its market value in just two weeks, as skepticism over the top Chinese automaker’s strategy takes some steam out of its big rally.
Concerns are growing over BYD’s ability to meet its sales target of 5.5 million vehicles this year, with its latest features drawing lukewarm consumer response in China’s sluggish economy. Rivals including Xpeng Inc. and Zhejiang Leapmotor Technology Co. have gained market share, and their stocks have outperformed.
