BYD cut prices for its models in China to compete with Tesla - PingWest

BYD cut prices for its models in China to compete with Tesla

BYD cut prices for its models in China to compete with Tesla

6 hours ago

Chinese electric vehicle maker BYD has slashed the prices of its models to compete with Tesla.

The price cuts apply to BYD's Dynasty series, according to Chinese news outlet Jamien News. Prices for the new models have generally reduced by 6,000 yuan ($863.93) to 8,000 yuan ($1,151.91). Additionally, there has been some reduction in vehicle delivery times compared to this time last year.

Discounts on older models ranged from 10,000 yuan or more for older models and several thousand yuan for some popular models, the report said.

Reporters who visited BYD stores confirmed the price cut, but the company insisted that the price-cutting initiative came from dealers, rather than from BYD itself.

The automaker leads the EV market in China, delivering 1.86 million units in 2022, most of which went to customers in mainland China. For the full year 2022, Tesla delivered 439,770 vehicles in China.

But in January, Tesla launched a price war in China to boost sales. The US EV giant sold 66,051 China-made electric cars in January, up 18% from December and up 10% compared with January last year.

The price of its Model 3 is closer to the BYD Seal, which starts at 225,800 yuan, after the cut. When the Seal was first introduced, the Model 3 was priced about 10,000 yuan higher in China.

By comparison, BYD's new energy vehicles, including plug-in hybrids and battery electric vehicles, saw deliveries fall to 151,341 in January, down 35.65% from December, ending a 10-month streak of growth.

SHARE