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BYD poised to surpass VW as China’s top car brand as budget EV triggers ‘buying spree’ among millions, analyst says
- The Warren Buffett-backed company cut the price of its Seagull model below the level that already attracted 10,000 pre-orders in 24 hours
- The reduction ‘will trigger a buying spree’ among millions of young buyers, analyst says
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Daniel Renin Shanghai
BYD, the world’s largest electric vehicle maker, has reduced the price of its new budget model, the Seagull, by 5,000 yuan (US$722) in a bid to attract millions of young Chinese motorists as it edges closer to becoming the mainland’s bestselling auto brand.
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The Shenzhen-based company, which is backed by Warren Buffett’s Berkshire Hathaway, announced on Thursday that it will sell the entry-level hatchback at 73,800 yuan, 5,000 yuan less than the pre-order price of 78,800 yuan it offered on April 18.
On April 19, BYD said it received more than 10,000 orders within 24 hours after the presale started.
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“Millions of young drivers will be interested to own a Seagull, which is affordable and attractive to them,” said Eric Han, a senior manager at Suolei, an advisory firm in Shanghai. “A reduction in price will trigger a buying spree.”
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