BYD Auto, the subsidy of the Chinese multinational BYD company, has slashed the prices of its Electric Vehicles in China. This includes price cuts to its popular Dynasty Series in the country. This move comes after the company increased its prices earlier for some of its models, citing lower subsidies. However, experts say that it is an obvious choice to slash prices as almost all other Chinese EV sellers including Tesla have reduced their prices to sustain the tough market.
BYD has slashed the prices for its older models by over $1435 (10,000 Yuan) and the price for the latest models has been reduced somewhere between $850 to $1150 (6000 Yuan to 8000 Yuan). The price for Sedan QIN EV has been reduced by $2153 (15000 Yuan) and the HAN Sedan EV has been reduced by $2871 (20,000 Yuan). These prices are offered only in the capital Beijing. Other cities like Shenzhen and Shanghai have different offers and discounts. The discounted prices will be available only till March 2023 after which the company plans to increase its prices across models.
After the Lunar new year, the overall demand for EVs has dwindled. Moreover, price cuts from multiple EV companies like Nio, XPeng, and Tesla have increased the competition for BYD. Hence, BYD has reduced its prices to clear out the unsold inventory. Some dealers are also offering extra incentives to attract customers. BYD is planning to sell as many EVs as possible before it hits the March- April low sale season.
This year in January, BYD sold 151300 EVs a 35% reduction as compared to the previous month. On the other hand, Tesla performed quite well in January with an 18% month-on-month and a 10.4% increase year on year increase.
BYD Automobile Is Facing Competition From Tesla
BYD is China’s top EV maker and one of the biggest competitors of Tesla. In 2022 the company dethroned Tesla and became the number one EV seller in China. The automaker manufactures and sells both personal and commercial vehicles. Its personal vehicles include the E series, the Ocean series, and the most famous Dynasty series which has the bestselling mid-size luxury sedan BYD Han and compact sedan, BYD Qin.
BYDs commercial vehicles include large transit buses, vans, taxis, coaches, and trucks. Apart from vehicles, the company also makes electric bikes, rechargeable batteries, and forklifts. BYD battery division which makes Lithium-ion Phosphate batteries is the third-largest EV battery manufacturer in the world with a global market share of almost 12% in the first half of 2022.
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