Sri Lanka, May 27 -- A Chinese electric car manufacturer is upsetting the applecart.

It has cut prices on certain models considerably, triggering an avalanche of price reductions.

Analysts are predicting that these aggressive price cuts will give rise to a price war.

Stocks of EV manufacturing giant BYD, which triggered the avalanche, were down 4% in Hong Kong, and there was also a drop in Shenzhen.

Despite this, the stock remains up more than 50% year-to-date on the Hong Kong Stock Exchange.

As per cnevpost.com, BYD's Dynasty and Ocean series initiated sweeping discounts on their more affordable models.

The Ocean series' Seagull is now being sold for a limited time at 2.3 million rupees, down from its original 2.9 million rupees. ...