EV company BYD BYDDF BYDDY has reduced the starting price of the new version of its Seagull EV by 5.4% as compared to its former version in China.
What Happened: The basic price of the Seagull— the lowest-priced model from BYD— now stands at 69,800 yuan (about $9,696), reported Reuters.
BYD has been rolling out several new car versions at lower prices since February, intensifying the price war in the Chinese EV market. On Monday, it was reported that the company has introduced a new version of its best-selling EV—the Yuan Plus crossover— priced 11.8% lower than the final sales price of its predecessor.
Why It Matters: China is the largest EV market globally, and competition is fierce. BYD has been strategically lowering the launch prices of several models to compete with other EV manufacturers, including domestic rival Geely Auto and U.S. giant Tesla. This move is part of a larger trend in the Chinese EV market, where companies are offering incentives to attract customers in a cooling market.
BYD’s price cut also comes in the wake of a 37% YoY drop in February sales, a change for the company after reporting growth in sales in 2023 and even January 2024.
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