Chinese EV giant **BYD** recently **cut prices aggressively**, triggering a **$20 billion drop** in market cap over two weeks during early June 2. 1712-0Despite price reductions, sales are still below target—only 32% of the expected annual goal by May 4.
Although domestic sales slow, BYD’s overseas markets are booming. In May, it sold around 90,000 EVs abroad—a record high—and plans to sell half of its total production outside China by 2030 5.
Despite price cuts, BYD is outperforming Tesla in several regions. The **Song model outsold the Tesla Model Y globally** in April 6. 2301-0However, shares plunged again recently after renewed discounts 8.