Chinese electric vehicle (EV) maker BYD (BYDDY (OTC:BYDDY)) has further escalated the ongoing price war by introducing another car priced below the crucial 100,000 yuan (approximately $13,912) mark.
The world’s largest manufacturer of EVs disclosed on Wednesday that the price of its newly upgraded e2 fully electric model would be set at 89,800 yuan. This represents a 12.6% reduction from its former price of 102,800 yuan.
The e2 model, a compact sport-utility vehicle boasting a range of 405 kilometers, now joins the ranks of BYD's affordably priced offerings, making it the fifth model with a price tag below the psychologically important threshold.
This move is seen as part of a strategy to make EVs more accessible to a broader range of consumers, including those with lower incomes in mainland China.
Previously, only the Seagull hatchback, another model by BYD, was marketed below the 100,000 yuan threshold.
However, following a recent price cut of 4,000 yuan, bringing the Seagull's price down to 69,800 yuan, BYD has adjusted the pricing of four additional models—the e2, the Qin Plus DM-i plug-in hybrid, the Dolphin, and the Chaser 05—to fall beneath this price point.