Overview

• BYD’s late-May price cuts of up to 34 percent drove its best monthly deliveries on record but wiped out more than $21 billion in market value as margins collapsed
• The Ministry of Industry and Information Technology ordered top automakers including BYD, Tesla and Geely to end irrational below-cost pricing to shore up industry stability
• China’s EV sector is operating at under 50 percent capacity, leading to dealership closures and analyst predictions of sweeping consolidation
• Great Wall Motor and Geely have renewed allegations that BYD’s Qin Plus and Song Plus hybrids breached emissions standards, prompting a still-active regulatory probe
• Tesla’s China sales plunged 30 percent in May to 38,588 vehicles as domestic rivals gain ground and prepare to export surplus EVs at steep discounts to emerging markets