Intense competition in China's electric vehicle market is causing significant price reductions, impacting both domestic and global markets.
BYD, a major player, recently implemented substantial discounts on several models, prompting other automakers to follow suit.
This price war reflects a supply-demand imbalance, fueling deflation and raising concerns about the long-term economic stability.
Experts predict continued price cuts and intensified competition within China's automotive industry, potentially affecting global markets.
