BYD is kicking off a price war with gas-powered cars as new lower-priced electric vehicles begin rolling out. After launching the new Qin Plus EV Honor Edition on Monday, BYD said it’s “officially opening a new era of electricity is lower than oil.”
Expanding into new EV segments
After surpassing Tesla to take the top-selling global EV maker title in Q4, BYD is pressing ahead with plans to keep the momentum rolling in 2024.
BYD’s upcoming EV plans leaked earlier this month, showing several new electric models in key segments.
Although BYD is best known for its low-cost EVs, like the Dolphin, Atto 3, and Seal, the automaker has recently expanded into new markets. BYD launched its Yangwang ultra-luxury brand last January with starting prices around $140,000 (1,000,000 RMB).
The luxury brand launched its first vehicle, the U8 off-roader, in September. BYD unveiled the brand’s first ultra-premium sedan, the YangWang U7, last month.
Leaked info from China’s MIIT shows the U7 is loaded with a quad-motor system good for nearly 1,300 hp and 500 mi (800 km) CLTC range.
The brand will launch its first electric supercar, the Yangwang U9, on February 25, with a 0 to 60 mph sprint in under 2 seconds.
BYD is also launching new mid-size SUVs, including the Sea Lion 07 and Song L, as it looks to expand into the top global markets.
BYD Qin Plus EV at $15K kicks off price war with ICE
BYD launched new versions of two of its sedans today as it looks to continue stealing market share from gas vehicles.
The automaker launched the Qin Plus Honor Edition with three significant refreshes. The DM-i (PHEV) version starts at 79,800 yuan ($11,000) with up to 120 km (74 mi) NEDC all-electric range.
BYD’s Qin Plus EV version has five models priced between 109,800 RMB to 139,800 RMB ($15,200 to 139,800 RMB ($19,400).
The all-electric version includes an electric motor with up to 134 hp (100 kW) and 132 lb-ft (180 Nm) max torque. It will be offered with either a 48 kWh or 57.6 kWh battery pack for up to 261 mi (420 km) and 316 mi (510 km) CLTC range, respectively.
Last year, BYD launched the Qin Plus Champion Edition for the same price as gas-powered vehicles, “directly destroying the moat of joint venture fuel vehicles.”
At 99,800 RMB ($13,900), the Champion Edition marked the first time BYD’s DM-i model was priced below 100,000 RMB.
Now, the Qin Plus Honor Edition is even cheaper, with the DM-i starting at 79,800 yuan ($11,000) and the EV version starting at 109,800 RMB ($15,200).
BYD is also launching a new Champion Edition Dolphin EV with longer range (up to 323 mi CLTC) and a lower price. The current Dolphin starts at 104,800 yuan ($14,500).
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