China's BYD falls after EV maker offers trade-in incentives; rivals slip

Li Auto

27/05/2025 04:31

** Hong Kong-listed shares of BYD Co 1211.HK slip 3% to HK$412.6, their lowest levels since May 15

** Stock on track for a second session of losses, as a price war in China's automotive market continues to intensify

** Shenzhen-listed stock of the Chinese electric vehicle giant 002594.SZ ease 2.7% to 370.6 yuan, its lowest since May 15

** BYD over the weekend announced a fresh round of subsidies and incentives for more than 20 models, which reduced the starting price of its cheapest model, the pure battery-powered Seagull hatchback, to 55,800 yuan ($7,765)
** Customers have to trade-in their old cars to get the subsidies, a customer service officer told Reuters. Geely followed suit with similar incentives on Monday

** Geely Auto 0175.HK slips 3% to HK$17.82, its lowest level since May 9

** Shares of Leapmotor 9863.HK, NIO 9866.HK, Li Auto 2015.HK, Xpeng 9868.HK and Xiaomi 1810.HK down between 1.5% and 2.6%

** Hang Seng Automobile Index .HSAMI falls 2% and Hang Seng Index .HSI slips 0.2%

** YTD, BYD Hong Kong stock up 55.5%, Shenzhen shares up 31.2%

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))