BYD’s new EV: China's prominent electric vehicle (EV) manufacturer, BYD, unveiled a new iteration of its best-selling car on Monday, pricing it lower than its predecessor amidst a competitive pricing environment in the world's largest automobile market.

BYD has been strategically setting lower launch prices for several models as part of a broader trend where EV competitors, including domestic player Geely Auto and US giant Tesla, introduce incentives to attract customers in a market that is showing signs of cooling.

The starting price for BYD's new Yuan Plus crossover, also known as the Atto 3 in international markets, is set at 119,800 yuan ($16,644), as announced by BYD in a Weibo post. This reflects an 11.8 per cent reduction compared to the final sales price of its predecessor, according to calculations by Reuters.

In 2023, BYD recorded sales of 412,202 Yuan Plus EVs, with 100,020 units exported, constituting 42 per cent of its total car exports for that year, according to data from the China Association of Automobile Manufacturers.

BYD has been leveraging overseas markets to achieve higher profit margins. 

For instance, the Atto 3 is being sold with a starting price of A$48,011 ($31,336) in Australia, representing an 85 per cent increase compared to its price in China.

(With Reuters Inputs)