BYD, a Chinese automaker, has significantly lowered the price of its Song and Seal electric vehicles (EVs) in China, as the intensifying EV price wars in the country continue to heat up.
In a move that underscores the escalating competition between domestic and foreign EV-makers, BYD has slashed the starting price of the Song and Seal to approximately $24,000, a dramatic decrease of nearly 20% from the previous price point.
The Song and Seal models, both of which have been well-received by consumers, have emerged as a major player in the Chinese EV market, with the Seal accounting for over 90% of BYD’s monthly EV sales in January.
The company’s decision to reduce the cost of the vehicles is in line with its long-term strategy of attracting more budget-conscious consumers. Moreover, the move is expected to put pressure on other EV-makers to follow suit, as the cost-cutting trend continues to gain traction in the industry.
Speaking at a press conference, BYD’s CEO Wang Chuanfu underscored the importance of providing accessible EVs to the public, stating that “[BYD] wants to offer more options to customers who are on a tighter budget.”
Furthermore, Wang emphasized the company’s commitment to innovation, noting that BYD is “investing heavily in new technology to make our vehicles more efficient and reduce the cost of [EV] ownership.”
The decrease in the price of the Song and Seal models is just the latest development in the fiercely contested Chinese EV market. With the intensifying price wars continuing to drive down costs and improve the affordability of EVs, the future of the industry looks increasingly promising.