has slashed the starting prices of both versions of the Jiyue 01 by RMB 30,000 and is compensating customers who have already taken delivery for the difference.

(Image credit: Jiyue)

Jiyue, the electric vehicle (EV) maker created by Baidu in partnership with Holding Group, has drastically cut the starting prices of all versions of its first model, just one month after its official launch.

The starting prices of both versions of Jiyue -- the Jiyue 01 Max and the Jiyue 01 Max Performance -- have been slashed by RMB 30,000 ($4,200), with the latest starting prices at RMB 219,900 and RMB 309,900, respectively, the company announced today.

Jiyue officially launched the Jiyue 01 on October 27, when the two versions were priced at RMB 249,900 and RMB 339,900, respectively, and on October 29, the model began its first deliveries.

The Jiyue 01 Max and Jiyue 01 Max Performance are equipped with 71.4 kWh and 100 kWh battery packs respectively.

Previously, Jiyue 01 Max customers had to pay an additional RMB 50,000 for the optional 100-kWh battery pack. Today, the price of that option has also been cut by RMB 10,000 yuan.

This means that the starting price of the Jiyue 01 Max with the 100-kWh battery pack is RMB 254,900, down from RMB 294,900 previously.

For customers who have already taken delivery, Jiyue will give them back the cash difference.

Meanwhile, Jiyue has also extended the free experience period for the Robo Drive Max, its ADAS (Advanced Driver Assistance System) feature, from six months to 12 months.

The Jiyue 01 is based on Geely's Sustainable Experience Architecture (SEA) and is built at Geely's factory in Ningbo, Zhejiang province.

The model is a Model Y competitor, but is priced below the latter.

The Model Y has seen several price hikes over the past month and currently starts at RMB 266,400, RMB 306,400 and RMB 363,900 for the three variants.

The Jiyue 01 measures 4,853 mm in length, 1,990 mm in width and 1,611 mm in height, and has a wheelbase of 3,000 mm. For comparison, the Tesla Model Y measures 4,750 mm in length, 1,921 mm in width and 1,624 mm in height, and has a wheelbase of 2,890 mm.

For a new model, a price cut just a month after its launch is a rare move, and it may be an adjustment by Jiyue based on initial customer acceptance.

A large number of new models have been released in the past month, heating up the overall competition in China's EV market.

($1 = RMB 7.1395)

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