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Data from Chinese car portal 16888.com analyzed by Bloomberg News shows BYD has cut prices on more than 100 existing model versions compared with December, and relaunched a further 70 model trims with lower prices. About the only unaffected models come from its recently launched Yangwang brand, including its newly unveiled supercar, which goes for 1.68 million yuan .
The strategy is a threat to Toyota, Volkswagen and Nissan Motor Co., which have all been slow to transition to EVs and seen their China sales suffer as a result. “New energy vehicles are severely cutting prices,” the PCA’s Cui wrote in his blog, adding that some ICE manufacturers had reached a floor with their current discounts. New-energy vehicles, which include pure battery EVs and plug-in hybrids, accounted for 35.8% of new car sales in February, according to Bloomberg Intelligence.