Investing.com -- Mercedes-Benz Group AG Chief Executive Officer Ola Källenius said the intense pricing competition in China's car market will continue for years. Chinese manufacturers led by BYD Co. have taken control of the electric vehicle market in the world's largest auto market, creating intense pricing competition through rapid new model launches. Adding to the woes, China's luxury car market has contracted due to a property crisis that has affected high-value purchases. Mercedes is managing pricing in China "as carefully and financially sound as we can." Related articlesMercedes CEO says intense China competition is "a new reality"VINCI beats first-half estimates on energy growthCoreWeave said to sweeten $2.6 billion loan terms amid debt concerns