AsianFin -- Shares of Chinese automakers slumped Monday after BYD launched fresh trade-in incentives across more than 20 models and the CEO of Great Wall Motors raised alarm over the auto industry’s deteriorating health.

BYD’s Hong Kong-listed shares dropped 8.6%, while Geely Auto plunged 9.5%. EV peers including Nio and Leapmotor fell between 3% and 8.5%.

The declines come amid a deepening price war in the world’s largest auto market, with automakers slashing prices and bundling advanced features like smart assisted driving at no extra cost. BYD’s latest cuts lowered the entry price of its Seagull EV hatchback to just 55,800 yuan ($7,765).