Yunfei Li, the General Manager of Branding and Public Relations at BYD, stated in a press conference on Monday that the competition has resulted in the lowest worldwide prices for EVs. He further implied that brands unable to keep up with the competition would falter in the coming years.
Tesla, set to report its results after the market closes on Wednesday, is under pressure due to a slowdown in global EV demand and the need to maintain its profit margins. The company has already reduced its prices in China, the world's largest auto market, amid intensifying competition and investor doubts, which have led to a market valuation drop of over $94 billion in the first two weeks of 2024.
China's ambassador to the EU, Fu Cong, has labeled the EU's investigation into Chinese EV manufacturers as "unfair." He cautioned that the EU's actions could lead to further trade investigations into European products.
New models include a $150,000 supercar, resembling a Lamborghini, and an SUV with unique features such as a 360-degree rotation and the ability to float in water. These features are designed to attract buyers in China's competitive car market, where cutting-edge technology is highly sought after.