BYD Breaks Mold: New Version of Best-Selling EV Priced Lower Than Before
On March 4, China’s prominent electric vehicle (EV) manufacturer, BYD, launched a new version of its best-selling car, the Yuan Plus crossover, at a price lower than its discontinued predecessor. This move comes amid an ongoing price war in the world’s largest automobile market, where EV rivals, including domestic company Geely Auto and U.S. giant Tesla, are also introducing incentives to attract customers in a cooling market.
BYD, recognized as China’s top-selling EV maker, revealed a starting price of 119,800 yuan ($16,644) for the new Yuan Plus crossover, also known as the Atto 3 in overseas markets. This marks an 11.8% reduction compared to the final sales price of the previous version, according to calculations by Reuters. The strategy of setting lower launch prices aligns with BYD’s efforts to remain competitive and stimulate demand in the challenging automotive market.
In 2023, BYD achieved substantial sales figures for the Yuan Plus EV, with a total of 412,202 units sold, out of which 100,020 were exported. This export figure accounted for 42% of BYD’s total car exports for the same year, according to data from the China Association of Automobile Manufacturers. The automaker has strategically focused on overseas markets to capitalize on higher profit margins. Notably, the Atto 3 is priced at A$48,011 ($31,336) in Australia, reflecting an 85% increase compared to its starting price in China.
The lower launch price of the new Yuan Plus, coupled with its previous export success, underscores BYD’s commitment to international markets and its adaptation to changing market conditions. The move is part of a broader trend in the Chinese EV industry, where companies are adjusting pricing strategies to navigate market challenges and maintain their positions in the highly competitive landscape.
