SMM learned that at 10:40 CST on May 25, Great Wall Motor issued a statement on its official account that it had submitted a report to the Ministry of Ecology and Environment, the State Administration for Market Regulation, and the Ministry of Industry and Information Technology on April 11, 2023 that BYD Qin PLUS DM-i and Song PLUS DM-i using atmospheric fuel tanks are suspected of violating the evaporative pollutant emission standards.
After the news fermented, BYD issued a statement around noon on May 25: "We firmly oppose any form of unfair competition and reserve the right to legal proceedings. Our products and related tests meet national standards and have passed certification from national authorities. “
In the wake of the news, BYD's stock price dived and fell by more than 2% in the afternoon. As of the closing, BYD reported a 2.41% drop to 255.6 yuan per share.
Great Wall Motor, on the other hand, plunged more than 6% at the opening after the release of BYD's statement in response. As of the closing, the company plunged 6.17% to 24.8 yuan per share.
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