China Auto Body Slams ‘Vicious Competition’ After BYD Price Cuts

China’s automobile industry association warned against “vicious competition,” days after BYD Co.’s price cuts fueled market concerns of a discount war that would further weigh on profits of electric carmakers.

After an automaker slashed prices on May 23, many others followed suit, “triggering a new round of ‘price war’ panic,” the China Association of Automobile Manufacturers said in a statement on its website Saturday, without naming any company.