Chinese EV giant BYD Co BYDDY BYDDF has introduced a new version of its Yuan Plus crossover at a price lower than the prior version’s final price. This development comes amid an intense price war in the world’s largest automobile market.
What Happened: The new version of the vehicle known as Atto 3 in foreign markets will start at 119,800 yuan (about $16,641), reported Reuters. This is 11.8% lower than the final sales price of the previous version.
In 2023, the company sold 412,202 units of the Yuan Plus, with 100,020 units exported, accounting for 42% of its total car exports for the year, the report added. The company sold a total of over 3.02 million new energy vehicles during the year.
Why It Matters: BYD has been strategically lowering the launch prices of several models to compete with other EV manufacturers, including domestic rival Geely Auto and U.S. giant Tesla. This move is part of a larger trend in the Chinese EV market, where companies are offering incentives to attract customers in a cooling market.
In January, Tesla cut prices on its Model 3 sedan by as much as 6% and on select versions of its Model Y SUV by as much as 2.8%. While the Model 3 now starts at 245,900 yuan (about $34,157), the Model Y starts at 258,900 yuan (about $35,963).
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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