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Chinese conglomerate and automaker, BYD Company (SZ:002594) is down 2.9% today in Chinese markets after reports that the company cut prices on their vehicles. However, the company replied to reports, saying that the price cuts were not its official move after the matter sparked discussion over the weekend.
BYD is not currently considering price cuts, a company source told Chinese media, without providing more information.
On February 25, some local media reported that BYD’s Dynasty lineup has been reduced in prices and that delivery wait times have been shortened to varying degrees compared to last year. However, further reporting showed that the cuts were actually part of promotions by some dealers in some areas.
