China’s electric vehicle (EV) powerhouse, BYD, has thrown down the gauntlet in the competitive EV market by unveiling the latest iteration of its popular car, the Yuan Plus crossover (Atto 3). The move comes as the world’s largest automobile market experiences fierce competition, with BYD strategically lowering the price to stay ahead of the curve.
In response to a challenging market environment, BYD joins the ranks of EV competitors such as Geely Auto and Tesla, all employing aggressive pricing strategies to entice customers in a market that is showing signs of slowing down.
The starting price for the new Yuan Plus crossover has been set at 119,800 yuan ($16,644), a notable 11.8% reduction compared to its predecessor’s final price. In 2023, BYD achieved remarkable sales figures, with 412,202 units of the Yuan Plus EV sold, of which 100,020 units were exported, constituting 42% of the company’s total car exports for the year, as per data from the China Association of Automobile Manufacturers.
BYD’s focus on overseas markets is evident, with the Atto 3 commanding a price of A$48,011 ($31,336) in Australia, marking an 85% increase over its Chinese price. This strategic pricing move aims to bolster competitiveness, demonstrating BYD’s commitment to maintaining a strong market presence and capturing new opportunities in the constantly evolving automotive industry.
