China warns of ‘vicious competition’ after BYD cut prices, Bloomberg say

China’s automobile industry association has warned against “vicious competition” days after BYD’s (BYDDF) price cuts fueled market concerns of a discount war, Bloomberg reports. After BYD cut its prices as much as 34% on May 23, many others followed suit, “triggering a new round of ‘price war’ panic,” the China Association of Automobile Manufacturers said. The Fly noted that other companies in a similar space include Xiaomi (XIACY), Li Auto (LI), and XPeng (XPEV).