Tesla Chinese Rival BYD Predicts Aggressive EV Price War Will Lead to Massive Price Cuts

BYD, the world's largest EV maker, predicts that electric cars will completely replace petrol vehicles. This has led to a 10% decrease in prices for 50 models in the industry. BYD's main focus is budget models, but China's EV market is slowing down. Chinese carmakers are expanding overseas to compensate for declining profits. Price competition is expected to spread to international markets. BYD, backed by Warren Buffett, recorded a record profit in 2023 with an 80.7 percent year-on-year increase.