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BYD to slash EV prices even more with new platform as it looks to crush ICE car sales

BYD is leading an offensive against ICE vehicles. A new report claims BYD’s new EV platform will slash costs even further as the automaker kicks off a “liberation battle” against gas-powered cars.

Best known for its low-cost EVs, such as the Dolphin, Atto 3, and sleek Seal sedan, BYD is taking its game up a notch in 2024.

After surpassing Tesla to become the largest EV maker globally in the last three months of 2023, BYD says Tesla is not the competition. It’s gas-powered cars.

BYD launched a price war on ICE vehicles last month with the new Qin Plus EV and PHEV models. Starting at $15,200 (109,800 yuan), the new EV officially opened a “new era of electricity is cheaper than oil.”

The DM-i (PHEV) version is even cheaper, starting at around $11,000 (79,800 yuan). It includes up to 74 mi (120 km) NEDC all-electric range.

The all-electric Qin Plus is offered with 48 kWh or 57.6 kWh battery packs for up to 261 mi (420 km) or 316 mi (510 km) CLTC range, respectively.

BYD Atto 3 (Source: BYD)

BYD launching lower-cost EV platform to fuel price war

Last year, BYD introduced a DM-i model priced below the 100,000 yuan ($13,900) mark for the first time. The automaker said it was “directly destroying the moat of joint venture vehicles.” In other words, legacy automakers that are still selling gas-powered cars.

BYD has followed it up with several lower-priced versions of its top-selling models, including the new Dolphin EV Honor Edition, starting at $13,900 (99,800 yuan).

BYD Dolphin EV Honor Edition (Source: BYD)

BYD also launched slashed prices on the Yuan Plus, its best-selling EV, and new Tang and Han models, fueling the price war with ICE cars.

Most recently, BYD revealed its cheapest EV yet, the new Seagull EV (Honor Edition), starting at a “shocking price” of $9,700 (69,800 yuan).

BYD Seagull (Source: BYD)

According to a new 36kr report, BYD will use all of its tech advantages to fight a “liberation battle” over the next three years.

The report cited several people familiar with BYD’s plans, released at a recent core internal meeting.

The new platform will update BYD’s DM-i and all-electric models, according to the sources. Most BYD vehicles are based on its e-Platform 3.0, featuring up to 1,000 km (620 mi) CLTC range.

BYD Dolphin (left) and Atto 3 (right) Source: BYD

Launched in 2021, the platform could be updated to 4.0 this year. The big advantage of BYD’s current 3.0 is the eight-in-one integration, which cuts costs by nearly 20%.

The upcoming 4.0 will take it to the next level with more integration and fewer wiring harnesses. This will support further cost reduction, according to the report.

Its next-gen DM-i system will enable PHEVs to drive over 1,200 miles (2,000 km) with a fuel tank and full charge. This will make it hard for traditional gas cars to compete.

BYD Qin Plus EV Honor Edition (Source: BYD)

BYD’s main goal in the “liberation battle” is to steal further market share from gas-powered cars over the next three years.

Electrek’s Take

Legacy automakers are already fearing BYD’s low-cost EVs. How will they respond to a new, even lower-cost cost EV platform?

Although BYD isn’t planning to launch passenger EVs in the US, it is taking market share in key global markets, including Europe, Japan, South America, and Thailand.

Top comment by Nio62

Liked by 27 people

Personally I don't care if all legacy US auto companies go out of business. BYD can make cheap $10,000 quality EV's and US consumers should be able to buy them. Legacy automakers have been ripping us off for years by selling polluting gas guzzlers that break down far too often and cost us thousands of dollars to repair. The cheaper Chinese EV's have less moving parts and are much cheaper to buy and maintain. BYD should be allowed to import their EV's into the US and build an EV factory in the US.

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BYD’s first cargo ship landed in Germany last month carrying around 3,000 vehicles as the automaker looks to expand its global footprint.

Ford’s CEO Jim Farley said if you cannot compete with the Chinese, “then 20% to 30% of your revenue is at risk.” For this reason, Ford is developing a low-cost EV platform to stay competitive.

Although many compare BYD and Tesla, BYD sees Tesla as an ally and “industry peer.” BYD believes working with Tesla is best as it aims to increase the share of EVs on the road.

Source: CnEVPost

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Avatar for Peter Johnson Peter Johnson

Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising

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