Stock of a Chinese EV-maker that has been grabbing market share from Tesla tumbled on Monday after it announced prices cuts on some models of its cars. BYD Co. stock sank 8.5% in Hong Kong on Monday.

Shares of BYD plunged following steep discounts across several models, stoking fears of a renewed price war in China’s EV market. However, the Chinese automaker is still expected to maintain robust growth,

BYD (BYDDF) shares tumbled 8.5% on Monday and slid about 4% on Tuesday in Hong Kong, sparking worries of a fresh price war in China's EV market. The largest Chinese electric-vehicle maker cut prices on 22 models,