Not content with unseating Tesla Inc. as the world’s top-selling electric car maker, BYD Co. has now set its sights on stealing customers from the likes of Toyota Motor Corp. and Volkswagen AG in one of the most aggressive rounds of discounting seen in China’s bruising price war.
BYD’s top-selling Qin Plus sedan has been discounted even more steeply, by 20% to a starting price of 79,800 yuan. “This is round two of the price war,” said Bill Russo, founder and chief executive officer of Shanghai-based consultancy Automobility. “BYD is using its margin advantage to attack the market. If I’ve got more chips in my stack on the poker table, then I’m going to try and bully that person off the table.”
“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. “With more companies trimming EV prices, those with higher margins could cushion more aggressive price cuts,” BloombergNEF wrote in a March 21 report.
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