The company reduced the price of its cheapest model “Seagull” by five percent, as the Tesla rival announced on Wednesday. This means that the compact car still costs 69,800 yuan (just under 9,000 euros) in China.
The vehicle manufacturer reduced the price of its best-selling model “Yuan Plus Crossover,” known internationally as “Atto 3,” by twelve percent. BYD has already reduced the prices for its vehicles several times, sometimes more drastically than its competitors.
World’s largest manufacturer of electric vehicles
The company, supported by US star investor Warren Buffett, has established itself as a discounter in the price war in China that was launched by electric car pioneer Tesla at the beginning of 2023. BYD is now the world’s largest manufacturer of electric vehicles in terms of sales, even though the group has so far sold most of its cars in China.
However, the group is gradually expanding its presence abroad. At the end of 2023, the company announced the construction of its first European car factory in Hungary. BYD currently operates factories in the USA, Brazil, Japan and India.
