BYD slashes prices, triggers stock backslide for Chinese OEMs 

BYD shares plummeted nearly 9% in Hong Kong on 26th May after the electric vehicle (EV) giant announced price cuts of roughly 34% across 22 models in China, triggering a selloff across all major domestic brands. The discounts, which will be in place until 30 June, saw the company's cheapest model, the Seagull hatchback, drop to just CN¥55,800 (US$7,780) while the Seal 07 plug-in hybrid sedan received the steepest reduction at CN¥53,000.