China's BYD Raises Car Prices

Leading Chinese electric car manufacturer BYD Co. has adjusted its product prices starting from Jan. 1, citing the impact of reduced subsidies for new vehicles since November last year, David Stanway reported for Reuters.

Photo Insert: BYD’s action contrasts Tesla, which has started to offer discounts for its few car models after demand slumped.

Official guidance prices will rise by between 2,000 yuan ($290) and 6,000 yuan for its various models, the company said on its official Weibo account.

BYD’s action stands in stark contrast to Tesla’s, which has started to offer discounts for its few car models after demand slumped and its Shanghai manufacturing facility shut down.

Elon Musk’s Tesla has lost more than 70% of its market value after its CEO purchased Twitter and promptly fired more than half of its employees worldwide.

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