BYD, China’s top electric vehicle (EV) manufacturer, launched a new version of its best-selling car on Monday at a price lower than the final price of its discontinued predecessor, amid a price war in the world’s largest automobile market.
In a cooling market, BYD has already set lower launch prices for several models, while EV rivals such as domestic peer Geely Auto and U.S. champion Tesla are likewise introducing incentives to attract customers.
According to BYD, the starting price for its new Yuan Plus crossover – known as the Atto 3 in overseas markets – is 119,800 yuan ($16,644), which is 11.8% lower than the final sales price of the version it has replaced.
In 2023, BYD sold 412,202 Yuan Plus EVs, with 100,020 of them exported, which accounted for 42% of its total car exports for that year, according to data from the China Association of Automobile Manufacturers. The automaker has been relying on overseas markets to achieve higher profit margins.
The Atto 3 is sold at a starting price of A$48,011 ($31,336) in Australia, which is 85% higher than in China.
($1 = 7.1976 yuan)
($1 = 1.5321 Australian dollars)