BYD launched a new plug-in hybrid sedan with a lower price tag on Monday as it seeks to challenge mainstream petrol cars’ dominance in its home market amid the shift to more sustainable mobility, Reuters reports.
The Chinese electric vehicle giant noted that launching the cheaper version of its plug-in hybrid sedan Qin Plus DM-i is “officially opening a new era of electricity is lower than oil.”
BYD’s Qin Plus Glory Edition
BYD introduced new variants of two of its sedan models, Qin Plus and Chaser 05, to overthrow petrol-powered vehicles in the world’s largest auto market.
The Qin Plus Glory Edition DM-i (PHEV) variant has a base price of 79,800 yuan ($11,000). It delivers an all-electric NEDC driving range of up to 120 km (74 mi).
Meanwhile, the EV version offers five models with a price range of 109,800 RMB ($15,200) to 139,800 RMB ($19,400). It delivers a maximum output of 134 horsepower (100 kW) and 132 lb-ft (180 Nm) max torque. It also offers two battery pack options, including a 48 kWh or 57.6 kWh. The smaller battery enables up to 261 mi (420 km) range, while the larger one enables up to 316 mi (510 km) CLTC-rated range.
In 2023, BYD rolled out the Qin Plus Champion Edition with the same price tag as gas-powered vehicles. It has a starting price of 99,800 RMB ($13,900), marking the first time a BYD DM-i model dropped under 100,000 RMB. However, the new Qin Plus Glory Edition is way cheaper at only 79,800 yuan ($11,000) for the DM-i version.
BYD also plans to introduce a new Champion Edition Dolphin EV. It will apparently deliver a longer CLTC-rated range of up to 323 miles at a lower price. For comparison, the Dolphin currently starts at 104,800 yuan ($14,500).
BYD’s expansion push
In a significant development, BYD successfully beat Tesla as the best-selling global electric automaker in the fourth quarter of 2023. However, the Musk-led company remains the industry leader in the full year.
Therefore, the Chinese brand seeks to snatch the crown from Tesla in 2024. To do that, BYD has been expanding its product portfolio from low-cost EVs to include ultra-luxury. In January 2023, it introduced the Yangwang brand with base prices of approximately $140,000 (1,000,000 RMB).
Yangwang launched its first offering, U8, in September, followed by the U7 ultra-premium sedan in January 2024. It is also now on track to introduce its first electric supercar, the U9, on February 25.
Besides these Yangwang EVs, BYD also plans to bring its new mid-size SUVs into the market. Some of these include the Sea Lion 07 and Song L.
All these efforts are crucial for BYD’s strategy to lead the global electric vehicle markets.
Pricing
The new Qin Plus EV Glory Edition PHEV has a starting price of 79,800 yuan ($11,090), indicating a 20% price reduction from the previous version.
According to Interesting Engineering, the new edition is 15% more affordable than the entry-level Lavida and 40% cheaper than the base Corolla.
With a price lower than popular petrol cars like Toyota Corolla and Volkswagen Lavida, it would undoubtedly emerge as a market disruptor. It can significantly attract new customers to shift from traditional vehicles to more sustainable, electrified ones.
