A price war erupted this year over electric vehicles as leading auto brands tried to grab bigger shares of a tightening market. In the battle so far, China’s BYD Company Ltd. (1211.HK) looks to have scored a victory against its colossal rival Tesla (TSLA.US).
The fight started early in the year and flared up again in August. The U.S. and Chinese heavyweights were joined in the price-cutting stakes by other names in the new-energy car business including Nio Inc. (NIO.US; 9866.HK), XPeng (XPEV.US; 9868.HK), Li Auto (LI.US; 2015.HK), Leapmotor (9863.HK) and SAIC Volkswagen.
The results of the contest are now coming in, and China’s BYD looks to be gaining an advantage over its arch U.S. rival.
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