BYD's steep price cuts on 22 EV models led to a major stock drop, affecting other Chinese automakers.

Shares of Chinese electric vehicle (EV) maker BYD plummeted by 8.25% after the company announced price cuts on 22 models until June end, including a 20% reduction on the Seagull and 34% on the Seal. This move also caused other Chinese automakers' shares to decline amid fears of increased competition and potential price wars. However, Citi analysts predict strong sales growth for EV companies priced under 200,000 Chinese yuan due to mild competition.