"Annual price negotiations with suppliers are a common practice in the automotive industry. Based on large-scale purchases, we set price reduction targets for suppliers. This is not a mandatory requirement and we can negotiate and move forward." BYD's Li Yunfei discusses the price strategy behind the ongoing EV price wars.
"Tesla, which is battling BYD for the crown of the world's largest EV producer, cut the price of its bestselling Model Y EV in China by 10,000 yuan ($1,400) on Monday." The aggressive pricing strategies highlight the intense competition between these two giants.
"The move is the latest sign that China's price war, which has seen the price of new vehicles plummet as local and foreign automakers vie for a bigger slice of the country's EV and hybrid markets, is set to enter a new phase." This underscores the pressures of a rapidly evolving automotive market.
"Tesla is coming under pressure from smaller rivals such as Zeekr and Xpeng, which have both launched rivals for the Model 3 and Y this year, as well as its lack of hybrids that have proven increasingly popular in China." This reflects the competitive dynamics in China’s EV sector.
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