BYD shares slide as China's EV price war hits profits

BYD, a leading Chinese electric vehicle (EV) manufacturer, has seen its share price decline as the company faces a intensifying price war in the EV market. The price cuts by rivals like XPeng and Tesla have put pressure on BYD's profits. The Chinese EV market has become increasingly crowded, with numerous players competing for market share. This has led to a series of price reductions as companies seek to attract customers and gain a competitive edge. BYD, which has traditionally been one of the market leaders, has been affected by this trend, with its share price sliding in recent trading sessions. The company's financial performance has come under scrutiny, as investors weigh the impact of the price war on its bottom line. While the price war may benefit consumers in the short term, it poses challenges for EV manufacturers like BYD, who must balance profitability and market share in the face of intense competition.