BYD Goes Aggressive With Pricing For Popular EV Model While Tesla Focused On Discounts To Tap Buyers - BY

BYD Co, Ltd (OTC:BYDDF) (OTC:BYDDY) bumped up pricing for its popular Dolphin model and scrapped an entry-level version of the vehicle, despite automobile demand in the nation reflected signs of cooling down.
Warren Buffett-backed BYD said 2023 pricing for its Dolphin subcompact hatchback would start from 116,800 yuan ($16,745) and extend to 136,800 yuan, Bloomberg reports.
Previously, the all-electric Dolphin started from about 96,800 yuan, making the newer version higher by 20%.
Also Read: Tesla Boosts Discounts To Tap More US Buyers
BYD added some additional colors and the new model offers a comfort mode on top of the original three driving modes of energy saving, snow, and sports.
BYD slightly extended its range to 420 kilometers (261 miles) on a single charge versus 400 kilometers.
Last week, the founder and CEO of rival EV maker Nio Inc (NYSE:NIO) warned against a challenging first half due to China's cut in government EV subsidies and the broader economic slowdown.
Like other automakers, BYD felt the pinch of China's pandemic resurgence. A top BYD executive shared plans of curtailing production to 2,000 cars a day with around 20% - 30% of BYD's staff unable to work due to home quarantine.
Meanwhile December, BYD reported a substantial increase in deliveries for November despite China reeling under the impact of the pandemic.
BYD looked to launch a new "professional and personal" electric car brand in 2023.
The new brand will be an addition to Yangwang, a premium brand set for launch in the first quarter of 2023.
Contrastingly Tesla, Inc's (NASDAQ:TSLA) internal schedule reflected plans to run a reduced production schedule at its Shanghai Giga plant in January, extending the reduced output it began this December into next year.
Price Action: BYDDF shares closed at $24.35 on Wednesday.
Photo Via Wikimedia Commons

BYDDFBYD CO LTD H SHS by BYD Co., Ltd.

$10.91-1.45%

Overview

BYDDYBYD CO LTD UNSP/ADR by BYD Co., Ltd.

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.