BYD has lowered the starting prices of the Han and Tang by RMB 20,000 and RMB 30,000 respectively, taking the price war further into the mid-to-high-end EV market.
BYD (OTCMKTS: BYDDF) has rolled out updated versions of two flagship models in its Dynasty range, taking the price war further into the mid-to-high end electric vehicle (EV) market.
BYD officially launched the Han Glory Edition and Tang Glory Edition at today's event, with starting prices of RMB 169,800 ($23,590) and RMB 179,800, respectively, down RMB 20,000 and RMB 30,000, respectively, from the previous versions' starting prices.
This is a continuation of the company's move to make prices lower by launching updated versions of its models after the Chinese New Year holiday, and is the second major model update after the Champion Edition updates was launched last year. It has already rolled out Glory Edition updates for the Qin Plus, Chaser 05, and Dolphin.
BYD's model range includes battery electric vehicle (BEV) models, as well as the DM series of hybrids, the latter of which includes the more fuel-economy-oriented DM-i series and the more performance-oriented DM-p series.
The Han DM-i Glory Edition is available in five variants with starting prices of RMB 169,800, RMB 179,800, RMB 189,800, RMB 199,800 and RMB 225,800 respectively.
The older Han DM-i Champion Edition was offered in six variants with starting prices of RMB 189,800, RMB 19,800, RMB 209,800, RMB 219,800, RMB 239,800, and RMB 249,800.
BYD also updated the hybrid Han DM-p today, offering only one option with a starting price of RMB 259,800, RMB 30,000 lower than the previous RMB 289,800.
The all-electric Han EV Glory Edition is offered in four variants with starting prices of RMB 179,800, RMB 199,800, RMB 219,800 and RMB 249,800 respectively.
The previous Han EV Champion Edition was offered in five versions with starting prices of RMB 209,800, RMB 229,800, RMB 259,800, RMB 279,800, and RMB 299,800.
The Han EV is also available in a limited green version with only one option, starting at RMB 331,800. The model remains on sale as previously.
The four variants of the Han EV Glory have CLTC ranges of 506, 605, 715 and 610 kilometers, with the 610-kilometer version being a four-wheel-drive model and the others being front-wheel-drive models.
BYD has introduced the Glory Edition update for the Tang DM-i, which is offered in four variants with starting prices of RMB 179,800, RMB 189,800, RMB 199,800 and RMB 219,800 respectively.
The previous Tang DM-i Champion Edition had four versions with starting prices of RMB 209,800, RMB 219,800, RMB 233,800 and RMB 249,800 respectively.
Tang DM-p, Tang EV did not receive an update today, with the former available still in the Champion and Warrior Editions, and the latter available in the Champion Edition.
It's worth noting that while BYD has rolled out the Glory Edition updates for the Han and Tang, the older Champion Edition remains on display on its website.
While making the price significantly lower, BYD has brought specification upgrades to the Han and Tang, involving comfort features and driver assistance systems.
BYD launched its first major update to its main model a year ago, when it introduced the so-called "Champion Editions", priced at the same level as their fuel counterparts.
The company launched the Champion Edition for the Han and Tang on March 17, 2023, with the starting price of the Han reduced by RMB 10,000. The price of the Tang's entry-level model was unchanged at the time, but the prices of the two higher-priced versions were significantly reduced.
In its latest round of model updates, BYD named the new models "Glory Editions," saying they will be less expensive than their fuel counterparts.
Though BYD said its move was about taking further share from fuel vehicles and accelerating the auto industry's transition to new energy vehicles (NEVs). But it's clearly putting pressure on other NEV makers.
BYD saw strong sales growth in 2023, selling 3,024,417 NEVs for the year, up 62.3 percent year-on-year.
BYD's initial plan for its 2024 sales target is 4 million units, local media outlet 36kr reported on February 26.
($1 = RMB 7.1992)
BYD's initial plan for its 2024 sales target is 4 million units, report says
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