yesterday launched lower-priced updated versions of its two budget sedans, triggering several local peers to follow suit with price cuts.

(Image credit: BYD)

BYD (OTCMKTS: BYDDF) launched lower-priced updated versions of its two budget sedans yesterday, triggering several local peers to follow suit with price cuts.

BYD's cards seem to be just starting to come out, as it will offer another model for the update in three days' time.

BYD will hold a launch event for the Dolphin Glory Edition on February 23, starting at 3 pm Beijing Time, the new energy vehicle (NEV) maker announced today.

The updated Dolphin will have design advancements including gray and red exterior and new wheels, BYD said, without mentioning further details.

Originally launched at the Chengdu auto show on August 29, 2021, the Dolphin compact EV is the first model on BYD's e-Platform 3.0 electric platform.

The Dolphin is currently offered in five versions, with starting prices of RMB 116,800 ($16,230), RMB 123,800, RMB 126,800, RMB 136,800, and RMB 139,800.

BYD sold 201,493 NEVs in January, with the Dolphin contributing 18,905 units, making it the fourth best-selling BYD model last month, according to data compiled by CnEVPost.

Yesterday, BYD launched the Qin Plus Glory Edition as well as the Chaser 05 Glory Edition, bringing the starting price of both down to RMB 79,800. The two models previously had starting prices of RMB 99,800 and RMB 101,800, respectively.

A number of car companies, including SAIC-GM-Wuling and Auto, have since followed BYD's move and slashed the prices of some of their models.

Last year, BYD had updated a number of its models by launching "Champion Editions" to bring down prices in a bid to take the fight to traditional fuel vehicles.

While BYD's efforts last year focused on making its NEVs comparable in price to their fuel counterparts, it is emphasizing that its NEVs will be priced lower than gas vehicles in its latest offensive.

With high growth rates in the coming years, 2024 will be a crucial year for NEV makers to gain a foothold, and competition is destined to be fierce, Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA), said in an article posted yesterday.

($1 = RMB 7.1946)

BYD rolls out new, less expensive variants for 2 NEV models to further undercut fuel cars

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