12:20 PM EDT, 04/22/2024 (MT Newswires) -- (Updates with stock price movement in headline and first paragraph)

Li Auto ( LI ) shares were down 6% in recent Monday trading after the company trimmed prices on four of its five hybrid and electric passenger vehicles in China.

The move followed recent price cuts by Tesla (TSLA) and Chinese electric vehicle giant BYD, according to media reports citing statements on Chinese social media platforms.

The company announced cuts of around 5% or 18,000 renminbi ($2,485) to 30,000 renminbi on its L7, Li L8, Li L9 and Li Mega, and promised refunds to owners who had already bought the cars earlier this year, Reuters reported.

Reuters and The Wall Street Journal described the discounts as part of a price war in the world's largest auto market after cuts by Tesla, which prompted other carmakers in China to offer deals.

Li did not immediately reply to MT Newswires' request for comment.