BYD Shares Sink as Carmaker Faces Backlash Over EV Price War
(Bloomberg) — BYD Co. shares fell, bringing losses over the past week to more than 17%, on concern that its price cuts are drawing government scrutiny and becoming unsustainable for the Chinese EV industry.
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In a commentary on Sunday, the People’s Daily — the mouthpiece of China’s Communist Party — criticized the “rat-race competition” and warned that price wars can seriously affect supply-chain security. Low-priced and low-quality products would seriously damage the international reputation of “Made-in-China,” it said, without naming any specific companies.
Also over the weekend, China’s automobile industry association warned against “vicious competition” that would hurt…
