BYD Launches New Affordable Electric and Hybrid Cars
BYD, known as the “Volume King” in the Chinese automobile market, has launched new electric and hybrid cars at “explosive” price levels in the first week after the holiday. The Qin PLUS Honor Edition, with a starting price of 79,800 yuan, and the Destroyer 05 Honor Edition are set to disrupt the market with their competitive pricing.
The Qin PLUS Honor Edition has 2 categories and 10 model configurations, including 5 models of the DM-i hybrid version, with a price range of 79,800-125,800 yuan. On the other hand, the Destroyer 05 Honor Edition, priced at 79,800-128,800 yuan, only offers a hybrid version with richer model configurations.
Both models share the same wheelbase, engine, motor, battery, mailbox, and tire configuration but differ in appearance and interior design. The Qin PLUS Honor Edition targets families and ToB purposes with a stable and moderate appearance. In contrast, the Destroyer 05 Honor Edition is slightly longer and features a younger and more vibrant design. The interior styles also differ, with the Qin PLUS Honor Edition being simple and unpretentious, while the Destroyer 05 Honor Edition is sporty and lively.
According to BYD, the goal of these affordable models is to end the war between domestically produced and joint venture compact cars. With prices below 80,000 yuan, these models are expected to put pressure on joint venture fuel models such as the Nissan Sylphy, Volkswagen Sagitar, and Volkswagen Lavida. BYD’s hybrid models offer cost reductions in many aspects compared to joint venture fuel models, including a lower purchase tax, exemption from license plate photography, and significantly less fuel consumption.
With these new models, BYD aims to not only stabilize its basic market and increase its stock market share but also occupy the high ground in the electric vehicle segment. After winning the domestic car sales crown, the pressure on BYD has increased as it looks to seize market share from the fuel vehicle market and expand its presence.