BYD launches new EV model with aggressive pricing amid market competition

China's leading electric vehicle (EV) manufacturer, BYD, has unveiled a new iteration of its popular car model amid a fierce price competition within the world's largest automobile market.

The company has introduced the latest version at a price even lower than its discontinued predecessor, reflecting the intensifying battle for market share.

The new Yuan Plus crossover, known as the Atto 3 in international markets, is offered with a starting price of $16,644, marking an 11.8 per cent decrease compared to the final sales price of its predecessor.

This cost-effective strategy shows BYD's commitment to keeping a competitive advantage in the quickly changing EV market.

The company's commitment to affordability aligns with the broader trend observed in the Chinese EV market, where manufacturers are striving to offer compelling value propositions to consumers.

In 2023, BYD witnessed success with its Yuan Plus EV, recording sales figures of 412,202 units, a substantial portion of which were exported.

According to data from the China Association of Automobile Manufacturers, approximately 42 per cent of BYD's total car exports for the year comprised the Yuan Plus model.
BYD's international pricing strategy further accentuates its emphasis on maximising profit margins in foreign markets.

For instance, the Atto 3 commands a starting price of $31,336 in Australia, representing an 85 per cent premium over its price in China.

(With inputs from Reuters)