China’s largest electric vehicle (EV) producer, BYD (002594.SZ), unveiled a new version of its best-selling car on Monday. The release comes at a lower price than its discontinued predecessor, amid an ongoing price war in the world’s largest automobile industry.
BYD has already established reduced launch prices for several models. Meanwhile, EV rivals like domestic competitor Geely Auto (0175.HK) and US leader Tesla (TSLA.O) are offering incentives to attract customers in a cooling market.
China’s top-selling EV company, BYD, has set a starting price of 119,800 yuan ($16,644) for its new Yuan Plus crossover. Also known as the Atto 3 in global markets, the vehicle showcases BYD’s commitment to affordability and innovation.
According to Reuters calculations, this is 11.8% lower than the final sales price of the version it replaces.
According to figures from the China Association of Automobile Manufacturers, BYD sold 412,202 Yuan Plus EVs in 2023. Additionally, 100,020 of these were exported, constituting 42% of the company’s total car exports that year.
The manufacturer has been banking on overseas markets to boost profit margins. The Atto 3 has a starting price of A$48,011 ($31,336) in Australia, which is 85% greater than in China.
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