There are trade-offs, but there huge differences in quality between say a Michelin or Pirelli and a cheap Chinese brand.

I have a Tesla S so that means bigger tyres than most European cars so I feel the price whenever I buy tyres so I once bought some Chinese summer tyres, Triangle brand, they were half the price of the equivalent Michelin. They seemed OK but they wore out twice as fast so it didn't save any money in the end. Now I just stick to Michelin Pilot Sport 4.