It looks like BYD is going on the offensive in the EU, will this work for it?
Chinese automaker, BYD, is significantly lowering its electric vehicle (EV) prices in Germany to extend its global lead. The brand slashed prices by up to 15 percent on its most popular EVs. After overtaking Tesla in EV sales in the last three months of 2023, the brand aims to extend its lead in other key markets as well. Will it work?
Most recently, BYD cut prices in Germany, Volkswagen, BMW, and Porsche’s home turf. According to the German auto newspaper Automobilwoche, the Chinese EV carmaker has lowered EV prices by up to 15 percent in Germany. This is no small amount either and is a noticeable enough price reduction for potential buyers to notice.
Moreover, this includes its best-selling Atto 3 SUV. The BYD Atto 3 went on pre-sale in Europe in September 2022, starting at €38,000 (about RM195,385) and a recent Automotive News Europe article said Atto 3 prices were around €47,000 this year. At 15 percent off, that would be just under €40,000 (roughly RM187,420).
The BYD Atto 3 features a 60.48 kWh Blade battery that’s good for 420km of WLTP range in Germany. It also measures 4,455mm long, 1,875mm wide and 1,615mm tall. This means that the Atto 3 competes with the Volkswagen ID.4 and Tesla Model Y in Europe. Now it is a value option as well.
On top of that, the news comes as Volkswagen just cut EV prices earlier this week as well to keep pace with Tesla. At €40,000, the BYD Atto 3 just so happens to undercut both the Volkswagen ID.4 at €43,900 (around RM224,775) and Tesla Model Y at €44,890 (approximately RM229,844).
The BYD Atto 3 sells for around USD18,700 (roughly RM87,600) in China. The brand’s electric SUV hit a major milestone as the 500,000th model rolled off the line in September and the brand is not slowing down anytime soon. This price cut is proof of that, but will it work long term or spark another price war? I hope not
BYD cutting EV prices in Germany comes as its first cargo ship arrived at Yantai port this week. The next stop is the brand’s home base in Shenzhen, where it will load EVs to ship to Europe. The BYD Explorer No. 1 will “ensure BYD’s rapid delivery and expansion of overseas markets,” according to CIMC, which built the vessel.
We got all this from Electrek and their full article is linked here. Thank you Electrek for the information and images.
