Share price down 5.6% after dealers released news about BYD EV price reduction

$BYD COMPANY (01211.HK)$ The article revealed that on November 23, car blogger "Sun Shaojun" posted on Weibo: "BYD is going to cut prices". Subsequently, some media reported that some dealers released the news of BYD terminal price reduction in the WeChat group, and a number of hot-selling models of the Dynasty series were discounted by up to 15,000 yuan.

According to AAStocks, BYD's share price was suppressed today, down 5.6% to last at $228.2. According to a Chinese report, some mainland dealers spread news in WeChat groups about BYD's terminal price cuts, with a maximum discount of RMB15,000.

Quote:
In response to the news of whether BYD will reduce prices, on November 24, BYD manufacturer insiders said: The terminal does have a limited-time preferential policy, which is unified across the country until the end of November.
In addition, on the same day, BYD announced that the Qin PLUS EV 2023 Champion Edition will launch a limited-time preferential policy, from November 1, 2023 to November 30, 2023 (inclusive) to enjoy a cash discount of 10,000 yuan. It is understood that the Qin PLUS EV 2023 Champion Edition will be launched in April, with a price range of 129,800-176,800 yuan.