BYD Reduces Han and Tang Prices by RMB 20,000 and RMB 30,000 Respectively, Extending Price Competition in Mid-to-High-End EV Market.
BYD (OTCMKTS: BYDDF) has introduced updated versions of its flagship models within the Dynasty lineup, intensifying price competition in the mid-to-high-end electric vehicle (EV) sector.
At the recent launch event, BYD unveiled the Han Glory Edition and Tang Glory Edition, priced at RMB 169,800 ($23,590) and RMB 179,800 respectively. These prices represent reductions of RMB 20,000 and RMB 30,000 compared to the previous models.
This move follows BYD’s strategy of introducing updated versions of its models post-Chinese New Year, marking the second significant update after last year’s Champion Editions. The company has also updated the Qin Plus, Chaser 05, and Dolphin models to Glory Editions.
BYD offers a diverse range of models, including battery electric vehicles (BEVs) and hybrids like the DM series, which includes both fuel-economy-oriented DM-i and performance-oriented DM-p variants.
The Han DM-i Glory Edition comes in five variants with prices ranging from RMB 169,800 to RMB 225,800. In comparison, the older Han DM-i Champion Edition had six variants priced from RMB 189,800 to RMB 249,800.
Similarly, the hybrid Han DM-p now starts at RMB 259,800, a reduction of RMB 30,000 from its previous price of RMB 289,800.
The Han EV Glory Edition offers four variants with prices ranging from RMB 179,800 to RMB 249,800, compared to the previous Han EV Champion Edition, which had starting prices from RMB 209,800 to RMB 299,800.
The Tang DM-i Glory Edition, introduced alongside the Han updates, offers four variants with prices from RMB 179,800 to RMB 219,800. The previous Tang DM-i Champion Edition ranged from RMB 209,800 to RMB 249,800.
While the Han and Tang models receive price reductions, BYD has also enhanced specifications, including comfort features and driver assistance systems.
BYD’s move towards more affordable electric vehicles is aimed at gaining market share from traditional fuel vehicles and driving the transition to new energy vehicles (NEVs). This strategy also applies pressure on other NEV manufacturers.
In 2023, BYD experienced robust sales growth, selling 3,024,417 NEVs, marking a 62.3 percent increase year-on-year. The company’s initial sales target for 2024 is reported to be 4 million units.
Despite the introduction of Glory Editions, the older Champion Edition models are still available on BYD’s website, showcasing the company’s commitment to providing options across its product lineup.
($1 = RMB 7.1992)
