Elon Musk’s Tesla and Chinese rival BYD both reported sharp falls in electric car sales, adding to concerns of the slowing shift towards electric vehicles.
Both companies — the world’s top two sellers of EVs — have cut prices in order to stimulate demand as they face increased competition, especially in China.
BYD has slashed the cost of almost every model in its line-up since the start of the year under the slogan “electricity is cheaper than oil”, amid an escalating price war in the world’s largest EV market.
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