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Electric cars in China
CHINA'S BYD TAKES UP TO 10% OFF EVS AS PRICE WAR HEATS UP
Automaker aims to sell at least 3m vehicles in 2023
A BYD Song Plus at a showroom in Guangzhou. (Photo by Shizuka Tanabe)
SHIZUKA TANABE, Nikkei staff writerNovember 3, 2023 02:58 JST | China
CopyCopied
GUANGZHOU -- Chinese electric-vehicle manufacturer BYD is temporarily cutting
domestic prices on certain models by as much as 10% or so all month amid growing
competition in the key market category.
The markdowns took effect Wednesday and run until Nov. 30. The Frigate 07
plug-in hybrid enjoys the biggest discount, at 18,000 yuan ($2,460). The popular
Song Plus sport utility vehicle, available as both an EV and a plug-in hybrid,
gets a 5,000 yuan cut.
BYD said it is offering the discount to commemorate the sale of the millionth
vehicle under its Ocean series.
Chairman Wang Chuanfu said in March that the automaker aimed to sell at least 3
million vehicles in 2023. October sales topped 300,000 worldwide, bringing the
total for the first 10 months of the year to 2.38 million. BYD likely aims to
further lift sales in November and December to meet its full-year target.
Other automakers are also slashing prices in China. Great Wall Motor launched a
new vehicle in China under its Ora EV brand at the end of October, offering a
30,000 yuan discount until the end of November.
Zhejiang Geely Holding Group is marking down Zeekr 001 luxury EVs by around 10%
until the end of December.
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