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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.
“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.”
The base model has a driving range of 305 kilometres. The company also cut the price of a more expensive version, which can go as far as 405km on a charge, by 6,000 yuan to 89,800 yuan.
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The hatchback has a fast charging system that will allow the battery to go from 30 per cent to 80 per cent of capacity in 30 minutes, according to BYD. The company’s renowned BYD blade battery powers the car.
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