Price war squeezes Chinese carmakers

Strong growth: A man looks at BYD's electric Han EV sedan during an auto show in Shanghai. BYD led the pack of eight companies that posted an increase in first-quarter sales year-on-year, with 89% growth. AP

CHINA’S increasingly heated car price war is exacting a heavy toll on automakers. Steep discounts have failed to reverse a slide in sales for most manufacturers, and earnings have taken a hit.

A Bloomberg analysis of first-quarter results from more than a dozen Chinese automakers showed revenue and profit margins are under pressure.