China's leading electric vehicle (EV) maker BYD (002594.SZ) on Monday launched a new version of its best-selling car at a price lower than the final price of its discontinued predecessor, as a price war rages in the world's largest automobile market.
BYD has already set lower launch prices for a slew of models as EV rivals including domestic peer Geely Auto (0175.HK) and U.S. champion Tesla (TSLA.O) likewise introduce incentives to woo customers in a cooling market.
China's top-selling EV maker has set a starting price for its new Yuan Plus crossover - known as the Atto 3 in overseas markets - at 119,800 yuan ($16,644), BYD said in a Weibo post.
That is 11.8% lower than the final sales price of the version it has replaced, Reuters calculations showed.
BYD sold 412,202 Yuan Plus EVs in 2023, with 100,020 of them exported, or 42% of its total car exports for that year, data from the China Association of Automobile Manufacturers showed.
The automaker has been counting on overseas markets for higher profit margins. The Atto 3 is sold with a starting price of A$48,011 ($31,336) in Australia, 85% higher than in China.
($1 = 7.1976 yuan)
($1 = 1.5321 Australian dollars)
