The automobile sector has experienced a across-the-board decline. What happened?

Today, both A-shares and Hong Kong stocks experienced a pullback, with the Hong Kong stock automotive sector experiencing a sharp decline. After BYD Co., Ltd. opened lower by nearly 1.2% this morning, it dropped by over 8% at one point, and other automotive stocks were generally under pressure, with Geely Automobile falling nearly 8% and Great Wall Motors falling nearly 5%. Analysts believe that price wars may be the direct cause of the decline in automotive stocks. BYD recently launched a heavyweight limited-time promotion, with a total of 22 smart driving models from the Dynasty Network and Ocean Network series participating, and the highest discount reaching 53,000 RMB.