BYD is cutting the prices of older versions of its Han and Qin electric sedans by RMB 20,000 and RMB 15,000, respectively ($2,868 and $2,151), in the latest sign of intensifying competition in the Chinese electric car market. The price reductions come in response to waning demand since the Lunar New Year holidays ended late January and are designed to clear out excess inventory, Chinese media outlet Jiemian reported Saturday, citing a BYD dealership employee. Multiple automakers, including Nio and Xpeng, followed Tesla in slashing prices, after the leading EV maker dropped prices for its locally-made vehicles by as much as RMB 48,000 early in January. [Jiemian, in Chinese]