BYD slashes prices in year-end promotion as EV race with Tesla intensifies

China’s leading EV maker, BYD, is slashing EV prices as the race with Tesla for the global title heats up into the end of the year.

BYD cuts EV prices in year-end push to catch Tesla

BYD announced the price cuts last week, including several Dynasty models such as the Qin, Han, Tang, and Song.

The discounts include a cash offer from RMB 3,000 – RMB 10,000 ($423 – $1,410), according to Chinese news outlet The Paper. Citing dealers in Shanghai, the source claimed BYD’s Ocean series will not have prices adjusted.

BYD responded to the report, saying the discount is not an official price cut but a limited-time offer. Shanghai Securities News reported that BYD aims to accelerate its shift to EVs through the promotion.

The EV maker will offer a limited-time cash discount for those who place an order and pay the deposit. Customers can choose from various incentives offering up to RMB 20,000 ($2,820) off.

Buyers who place a 2,000 RMB ($282) deposit on the Dolphin or Seal Champion Edition are eligible for a RMB 9,000 ($1,270) discount. The Song Plus is available for a discount of RMB 7,000 ($987). Customers can opt for other incentives, including 0% interest.

Wang Chuanfu, BYD’s CEO, said the company is fully prepared for a price war over the next three to five years at its half-earnings conference. He added that BYD is confident it will win market share over that period.

Electrek’s Take

BYD’s price cuts come as the company looks to surpass Tesla in global EV sales heading into the end of the year.

As it closes in on Tesla, the Chinese EV leader sold 165,505 fully electric cars in October alone. BYD delivered 431,603 EVs in the third quarter, while Tesla delivered 435,059.

Tesla says it’s on track to hit 1.8 million EV deliveries this year. BYD has sold over 1.2 million already, up 77% over last year.

Keep in mind that BYD’s EV prices are already considered low. The Dolphin electric hatchback starts at around $17,500 (RMB 126,800). Its Yuan Plus electric SUV has a price range between RMB 135,800 – RMB 163,800 ($19K – $23K).

The Chinese EV maker recently revealed its new Song L, a mid-size electric SUV poised to compete with Tesla’s Model Y, racked up 11K pre-orders in 17 days. The Song L is the brand’s second mid-size electric SUV revealed after its new Sea Lion 07 earlier this month.

Source: TMT Post