BYD Co. led Chinese electric vehicle stocks lower in Hong Kong on Monday, as investors digested the auto giant’s sweeping price cuts of as much as 34% late last week.

Shares of China’s No. 1 selling car brand tumbled as much as 8.3%, while peers Li Auto Inc., Great Wall Motor Co. and Geely Automobile Holdings Ltd. dropped more than 5% amid investor concern about intensifying competition in the sector.

BYD offered discounts on 22 of its electric and plug-in hybrid models that it sells in China until the end of June, fanning the flames of a renewed sector-wide price war. While EV sales have overall reached new annual highs, growth has been decelerating.

To kickstart sluggish consumer demand — made worse by China’s broader economic malaise — automakers in the world’s biggest car market hav

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