Chinese electric car maker BYD has taken a page out of Tesla’s playbook and slashed the prices of its electric vehicles in order to compete with its rivals.
The move comes after Tesla reduced the price of its Model 3 sedan by 15% in China in May, making it the most affordable Tesla in the country. BYD’s move is seen as an attempt to gain a larger share of the Chinese electric vehicle market, which has become increasingly competitive in recent years. Visit Samsunghubs to learn more about the latest news!
The company has lowered prices for several models, including the BYD Song Pro, by 5-10% to around 150,000 yuan ($21,700). BYD also reduced costs for its BYD Tang and Qin Pro models by up to 20%, to approximately 200,000 yuan ($28,900).
BYD, backed by Warren Buffett’s Berkshire Hathaway, is one of the world’s largest electric car makers. It has been making inroads in the Chinese market, selling 101,000 electric vehicles in the first half of 2020, compared to Tesla’s 91,000.
The company believes that its price cuts and its expansive network of dealerships will help it gain a larger market share. BYD has also promised to roll out new models, including a long-range electric SUV, in the coming months. Also Read – ChatGPT’s popularity could lead to another GPU shortage
With more companies entering the Chinese electric car market, the competition is only going to get more intense. BYD’s move to reduce prices is a sign that it is determined to stay ahead of the competition and maintain its position as one of the leading players in the industry.
The Chinese multinational company BYD’s subsidiary, BYD Auto, has cut the prices of its Electric Vehicles in China. This includes lowering the costs of its best-selling Dynasty Series in the country.
This comes after the company raised the prices of some of its models in the past, citing less money from government subsidies. But experts say it makes sense to cut expenses because almost every other Chinese EV seller, including Tesla, has done so to stay in business in a challenging market.
The prices of BYD’s older models have been cut by more than $1435 (10,000 Yuan), and the costs of its newest models have been cut by between $850 and $1150. (6000 Yuan to 8000 Yuan). The price of the Sedan QIN EV has gone down by $2153 (15,000 Yuan), and the cost of the Sedan HAN EV has gone down by $2871. (20,000 Yuan). Only the capital city of Beijing has these prices. Offers and discounts are different in other cities like Shenzhen and Shanghai. After March 2023, the company plans to raise prices on all models, so the discounted prices will only be reasonable until then. Also Read – China releases MOSS, chatbot that competes with ChatGPTs, for public testing
After the Lunar New Year, fewer people are buying EVs in general. EV companies like Nio, XPeng, and Tesla have also cut prices, which has made BYD’s competition more challenging. So, BYD has cut its costs to eliminate its unsold stock. Some dealers also offer extra bonuses to get people to buy from them. BYD wants to sell as many EVs as possible before the low sales season in March and April.
This January, BYD sold 151,300 EVs, which is 35% less than the same month last year. On the other hand, Tesla did pretty well in January, with sales going up 18% month over month and 10.4% year over year.
Tesla is a competitor for BYD Automobile source:
BYD makes the most EVs in China and is one of Tesla’s biggest competitors. In 2022, the company beat Tesla and became the biggest seller of electric vehicles (EVs) in China. Also Read – What is Blockchain and NFT? in 2000 word
The car company makes and sells both personal and business cars. Its vehicles include the E series, the Ocean series, and the most popular Dynasty series, which provides for the BYD Han, the best-selling mid-size luxury sedan, and the BYD Qin, the best-selling compact sedan.
Large transit buses, vans, taxis, coaches, and trucks are among the commercial vehicles made by BYD. The BYD battery division, which makes Lithium-ion Phosphate batteries, is the third-largest EV battery maker in the world. In the first half of 2022, it will have a global market share of almost 12%.