BYD has predicted a bloodbath in the Chinese car industry in the wake of Beijing’s crackdown on aggressive discounts, warning that roughly 100 carmakers needed to be “pushed out” of the hyper-competitive market.
China’s car industry has been at the forefront of President Xi Jinping’s attacks on cut-throat price wars stemming from excessive manufacturing capacity.
Government officials have blamed aggressive discounting, known as neijuan or “involution”, in various industries for exacerbating deflation.
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