Kia Says It Can Fight Chinese EVs Without Losing Discipline [Yahoo! Finance]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Yahoo! Finance
Company CEO Song Ho-sung confirmed the move during Kia's investor day earlier this month. The price difference between Kia models and comparable Chinese vehicles in Europe now stands at 15 to 20%, depending on the market. Previously, that gap was between 20 and 25%. According to the company, the strategy is already showing results. Kia has managed to increase global revenue and resist the broader pressure affecting the auto market, Reuters reports. The move shows how central Europe has become in the battle between established automakers and Chinese electric vehicle brands. Companies such as BYD are entering the European market aggressively, helped by weaker sales momentum at home and the near-complete closure of the U.S. market to many Chinese-made vehicles. In March alone, new BYD registrations in Europe rose by nearly 150%. Kia and its sister company Hyundai recorded 6% growth over the same period, which still showed resilience in a market shaped by increasingly intense price
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