12:18 - 11.06.2025

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June 11, Fineko/abc.az. The Chinese electric car market has been on the verge of a "race to the bottom" because of fierce price competition.

ABC.AZ reports with reference to CNBC that massive discounts from leading manufacturers, including BYD, forced many sellers to work at a loss all last year.

The situation worsened after the BYD price cut in May - some models fell in price by a third, and the Seagull now costs only $7,700 instead of $10,000. The chairman of Great Wall Motor compared what was happening to the real estate crisis and warned of the risks of repeating the Evergrande scenario.