BYD Goes Aggressive With Pricing For Popular EV Model While Tesla Focused On Discounts To Tap Buyers

BYD Co, Ltd BYDDF BYDDY bumped up pricing for its popular Dolphin model and scrapped an entry-level version of the vehicle, despite automobile demand in the nation reflected signs of cooling down.
Warren Buffett-backed BYD said 2023 pricing for its Dolphin subcompact hatchback would start from 116,800 yuan ($16,745) and extend to 136,800 yuan, Bloomberg reports.
Previously, the all-electric Dolphin started from about 96,800 yuan, making the newer version higher by 20%.
Also Read: Tesla Boosts Discounts To Tap More US Buyers
BYD added some additional colors and the new model offers a comfort mode on top of the original three driving modes of energy saving, snow, and sports.
BYD slightly extended its range to 420 kilometers (261 miles) on a single charge versus 400 kilometers.
Last week, the founder and CEO of rival EV maker Nio Inc NIO warned against a challenging first half due to China's cut in government EV subsidies and the broader economic slowdown.
Like other automakers, BYD felt the pinch of China's pandemic resurgence. A top BYD executive shared plans of curtailing production to 2,000 cars a day with around 20% - 30% of BYD's staff unable to work due to home quarantine.
Meanwhile December, BYD reported a substantial increase in deliveries for November despite China reeling under the impact of the pandemic.
BYD looked to launch a new "professional and personal" electric car brand in 2023.
The new brand will be an addition to Yangwang, a premium brand set for launch in the first quarter of 2023.
Contrastingly Tesla, Inc's TSLA internal schedule reflected plans to run a reduced production schedule at its Shanghai Giga plant in January, extending the reduced output it began this December into next year.
Price Action: BYDDF shares closed at $24.35 on Wednesday.
Photo Via Wikimedia Commons

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