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Photo File: Chinese automaker Baida logo is seen by car outside the Kokwater headquarters in the southern city of Shenzhen in China.
Bobby IP | Reuters
Stock in Bake plunged in as much as 8.25% on Monday, a steep drop from them Write down the high last weekAs investors estimated a decline in prices for a Chinese electric vehicle on May 23.
The company announced on the Chinese social media platform Weake This reduces prices by 22 electrical and hybrid plugins by the end of June.
For example, the hectback price tag was reduced by 20% to $ 55,800 ($ 7,780), while with a double hybrid sedan engine is compacted by 34% to 102,800 yuan.
Recent developments follow from other prices reviews that the automaker announced at the beginning of the year, such as the release of his sedans Han and Tang for SUVs at the starting price that was 10.35% and 14.3% lower than in previous versions.
CITI analysts expect a BYD price decline that caused 30% to 40% spike in their dealer shops between May 24 and 25, compared to the previous weekends.
Other Chinese automakers also fell on Monday when investors became cautious competition and potential price war in the sector.
Stock in Geely Automobile The last time was noticed that trade is 7.29% below Big wall engine Co and Lee the car They lost 2.94% and 4.93% respectively. Meanwhile the stock in XPeng decreased by 4.19%.
Going forward, Citi analysts are not concerned that the BYD price decline will destroy the share of competitors.
Instead, they are expecting a “reliable sales” for new energy companies with prices below 200,000 Chinese yuan because “competition remains relatively soft,” analysts wrote on May 26.
