China's BYD launches lower-priced versions of Seal EV; aims to extend lead

SHANGHAI : BYD Co Ltd launched on Wednesday five lower-priced versions of its Seal sedan, as the Chinese electric vehicle giant seeks to extend its lead in the world's largest market for new-energy cars.

That is also 18 per cent cheaper than the rear-wheel drive version of Tesla Inc's Model 3 in China with a driving range of 556 kilometres, against which the Seal model seeks to compete. China's EV market is in the throes of a price war started by Tesla earlier this year, with several EV makers including BYD following the U.S. automaker's example by cutting prices for best-selling models this year to defend market share.

BYD has so far led the new energy vehicle market with its various offerings of battery-only and plug-in hybrid models priced under 300,000 yuan. At the recent Shanghai autoshow, it hit headlines by unveiling an electric hatchback costing half the price of the cheapest NEVs available elsewhere.

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