China EV ADRs slid in overnight trading. Li Auto, XPeng fell over 5%; NIO dropped 4%.

BYD has triggered another EV price war in China by slashing the price of several models, sending the stocks of local EV automakers sinking.

The market has engaged in a couple of price wars that dragged EV prices lower. Things had calmed down over the last few months, but BYD has decided to keep lowering prices.

Over the last day, BYD has announced several new discounts on its vehicles (translated from Chinese):

Bloomberg reported on some of the price drops from BYD:

Revisions by BYD include paring the price of its Seagull hatchback to 55,800 yuan ($7,780), a 20% reduction to a model that was already the carmaker’s cheapest and one that had garnered global attention for its sub-$10,000 price tag. The Seal dual-motor hybrid sedan saw the biggest price cut at 34%, or by 53,000 yuan to 102,800 yuan.

BYD’s stock went down by as much as 8% following the news and continued to fall 4% in Hong Kong, and other EV automakers, such as Li Auto and Geely, also saw significant drops.