EV makers BYD, Li Auto set monthly sales records as price war in China’s car industry shows signs of abating

Name: Tesla owners in China protest against price cuts as consumers tighten budgets
Uploaded: 2023-06-01T13:07:06.000Z
Duration: 2 min 1 s
Description: Tesla owners in China protest against price cuts as consumers tighten budgets

Shenzhen-based BYD delivered 240,220 electric cars last month, beating the previous record of 235,200 units it set in December

Carmakers are ceasing to offer discounts after a months-long price war started by Tesla failed to ignite sales

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People visit the Li Auto booth at the Auto Shanghai show on April 19, 2023. Photo: Reuters

Daniel Renin Shanghai

Published: 9:07pm, 1 Jun 2023Updated: 10:28pm, 1 Jun 2023

Two of China’s top electric vehicle (EV) makers, BYD and Li Auto, set new monthly sales records in May, spurred by a recovery in consumer demand after a bruising, months-long price war in the ultra-competitive sector.

Shenzhen-based BYD, the world’s largest electric-car builder, delivered 240,220 pure electric and plug-in hybrid vehicles to customers last month, beating the previous record of 235,200 units it set in December, according to a filing to the Hong Kong stock exchange.

That represents a 14.2 per cent increase over April and a year-on-year jump of 109 per cent.

Li Auto, the mainland’s leading premium EV maker, handed 28,277 units to domestic customers in May, setting a sales record for a second consecutive month.

In April, the Beijing-based carmaker reported sales of 25,681 units, becoming the first homegrown maker of premium EVs to break though the 25,000 barrier.

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Tesla owners in China protest against price cuts as consumers tighten budgets

Both BYD and Li Auto stopped offering discounts on their cars last month, having been drawn into a price war sparked by Tesla last October.