Updated March 4th, 2024 at 09:26 IST

BYD unveils lower-priced electric vehicle in response to market competition

The new Yuan Plus crossover starts at 119,800 yuan, an 11.8% reduction from its predecessor's final price.

Reported by: Business Desk
BYD Yuan Plus | Image:BYD website

BYD's new EV: China's electric vehicle (EV) manufacturer BYD has recently introduced a new version of its popular car at a price lower than its predecessor, amidst intense competition in the world's largest automobile market. BYD has been strategically pricing its latest models competitively, following suit with other EV manufacturers like Geely Auto and Tesla, who are also rolling out incentives to attract customers in a slowing market.

The starting price for the new Yuan Plus crossover, known as the Atto 3 internationally, has been set at 119,800 yuan ($16,644), marking an 11.8 per cent decrease compared to the final price of its previous version. In 2023, BYD sold 412,202 units of the Yuan Plus EV, with a major portion of 100,020 units exported, accounting for 42 per cent of its total car exports for the year, according to data from the China Association of Automobile Manufacturers.

BYD has been eyeing overseas markets for higher profit margins, with the Atto 3 priced at A$48,011 ($31,336) in Australia, representing an 85 per cent increase over its price in China. This move reflects BYD's strategy to maintain competitiveness and expand its market reach amid evolving industry dynamics.

(With Reuters Inputs)

Published March 4th, 2024 at 09:26 IST