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EV price wars: BYD cuts follow Tesla incentives

STORY: Chinese electric vehicle (EV) maker BYD on Monday (March 4) launched a new version of its best-selling car…

At a lower price than the final price of its predecessor.

That’s as a protracted price war rages in the world's largest automobile market.

The country’s leading EV maker announced the domestic cost of a new Yuan Plus crossover - known as the Atto 3 in overseas markets - is $16,644.

Which Reuters calculation showed is almost 12% lower than the final sales price of the version it has replaced.

Data showed BYD sold 412,202 Yuan Plus EVs in 2023, with over 100,000 of them exported.

The automaker has been counting on overseas markets for higher profit margins.

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And the Atto 3 is sold with a starting price of $31,336 in Australia, 85% higher than in China.

BYD’s lower launch price followed a move from U.S. champion Tesla on Friday (March 1).

It announced new incentives, including insurance subsidies, to woo consumers.

This included a maximum of around $4,800 worth of advantages for customers who pick up existing Model 3 and Y vehicles by the end of March.

Tesla, previously the world’s top EV maker, was dethroned by BYD in the fourth quarter.