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BYD faces strong EV challenge from Geely and Changan in May amid possible regulatory scrutiny
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TechNode
Major Chinese automakers Geely and Changan Automobile reported strong electric vehicle sales growth for May, posing serious challenges to leading player BYD which launched a new round of price cuts and could face potential regulatory scrutiny in its homeland.
BYD on May 23 announced a limited price cut of up to RMB 53,000 ($7,372) on its EVs, TechNode reported.
By comparison, Geely and Changan’s EV sales were up 135% and 70% from a year ago, respectively.
State-owned Changan saw its EV sales grow 70% from a year earlier to 94,828 units in May.
READ MORE: Great Wall Motor’s CEO goes public criticizing BYD over unfair competition
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