Carmakers in China, like BYD and SAIC Motor, are caught in a relentless price war in the oversaturated EV market, driven by price cuts to gain share.
SAIC Motor is asking suppliers for a 10% discount to help with costs, predicting ongoing EV oversupply into next year, reflecting market pressures.
BYD also requested a 10% discount from suppliers, indicating the intense competition in the EV sector, which has led to shrinking profit margins.
China's support for the EV market since the 2010s has resulted in fierce competition, prompting established firms and startups to use price cuts to attract buyers.
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