China’s EV price war is heating up. What’s behind the big discounts?

Key Points

Industry giant BYD announced a slew of discounts — some of nearly 30% or more – on selected models.
The average car price has fallen by around 19% over the past two years in China to around 165,000 yuan ($22,900).
Rather than reflecting market expansion, double-digit growth of new energy vehicles sales in China is just eating into internal combustion engine cars’ slice of the pie, Ying Wang, Fitch managing director, APAC Corporate ratings, told reporters Tuesday.

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