Previously, some analysts expected the steady-state monthly sales of BYD Seal to exceed 30,000 units.
(Image credit: BYD)
After starting pre-sales at the end of last month, BYD's (SHE: 002594, HKG: 1211, OTCMKTS: BYDDY) highly anticipated Seal model is not far from mass production and delivery.
The BYD Seal will be mass-produced this month, with an expected monthly production capacity of 15,000 units when it reaches production, the Changzhou city government in East China's Jiangsu province said on its official Weibo account on June 9.
The new energy vehicle and core parts industry in Changzhou High-tech Zone is developing in the direction of high-end, clustering and scale, and BYD's auto project will also drive a large number of well-known parts manufacturers to Changzhou, according to the Weibo.
(Image credit: Changzhou city government)
The Weibo post did not provide more information about BYD. Changzhou is also the current home of Li Auto's (NASDAQ: LI, HKG: 2015) sole production base.
The BYD Seal sedan, which went on pre-sale in China on May 20, packs powerful features and offers an attractive price point, making it one of the strongest potential competitors to Tesla's Model 3.
The model's length, width and height are 4,800 mm, 1,875 mm and 1,460 mm, with a wheelbase of 2,920 mm. For comparison, the China-made Tesla Model 3 has a length and width of 4,694 mm, 1,850 mm, 1,443 mm, and a wheelbase of 2,875 mm.
The pre-sale price range for the BYD Seal is RMB 212,800 ($31,860) to RMB 289,800. For comparison, the Model 3 is currently offered in China in two versions, with the entry version priced at RMB 279,900 and the Performance version priced at RMB 367,900.
The Seal is the second model in BYD's Ocean series, following the Dolphin model, and is the first to use BYD's CTB (cell to body) technology, which allows the battery to be integrated into the body.
Seal's pre-sale orders reached 22,637 units within 7 hours of the pre-sale start, according to information shared by BYD on May 21.
In terms of power, energy consumption and size specifications, BYD Seal has the advantage of being significantly better than Tesla Model 3, according to the team of analyst Xu Huixiong of local brokerage Essence Securities in a research report on April 28.
Seal is expected to be the most important model in BYD's history, the team said, adding that with reference to Model 3 sales, they expect the model's steady-state monthly sales to exceed 30,000 units.