BYD Company (OTCPK:BYDDF) predicts a significant clearout in the Chinese car brand market as Beijing intensifies its crackdown on aggressive discounting practices. The EV maker warned that such regulatory tightening will lead to a shakeout where many smaller or less competitive brands may be forced out of the market.
“I think our profit will still remain strong,” said Li. “I think you will see more Chinese companies come overseas, but the overseas market is not that simple.”
BYD (OTCPK:BYDDF) has seen profit declines and chopped its sales target for the current year, as the Chinese EV giant faces its slowest annual growth in five years.