Chinese electric vehicle giant BYD has announced the release of lower-priced versions of its Han sedans and Tang SUVs, intensifying an ongoing and fierce price war in the world’s largest auto market, with discounts even more significant than those offered in 2023.
The newly launched Han sedans, available as plug-in hybrids and pure EVs, along with the Tang hybrid SUV, will feature a starting price that is 10.35% to 14.3% lower than the previous versions.
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These releases follow BYD’s recent introduction of a new version of its Dolphin hatchback and the newer plug-in hybrid sedan Qin Plus DM-i, both also offered at lower starting prices. The pricing strategy indicates that BYD is offering larger discounts on most of these models compared to last year. For instance, the automaker reduced the starting price for the Qin Plus EV and hybrid by 15% and 20%, respectively, compared to price cuts of 8% and 11%, respectively, for the two models in 2023.
While the starting price for the Tang hybrid remained unchanged last year from 2022 when BYD launched the Champion Edition of that model, the new version of the Tang hybrid this year is 14% cheaper.
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In addition to lowering prices on existing models, BYD has introduced new brands such as Yangwang and Fangchengbao to target the higher-end market. The company recently unveiled the sportscar U9 under the Yangwang brand, with a starting price of 1.68 million yuan ($233,353).
Despite efforts to stimulate sales, China’s new energy vehicle market experienced a 38.8% drop in sales in January compared to the previous month, marking the first decline since August 2023. This decline comes as demand wanes, despite a renewed discounting push led by Tesla.
