BYD has slashed its sales target for this year by as much as 16% to 4.6 million vehicles, two people with knowledge of the matter said.

The EV maker faces a crowed market, with rivals like XPeng and Telsa, which have all cut prices.

BYD has slashed its sales target for this year by as much as 16% to 4.6 million vehicles, two people with knowledge of the matter said.