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.
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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.
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