BYD’s new, cheaper EV platform will crush gasoline car sales

BYD is leading an offensive against ICE vehicles. A new report claims BYD’s new EV platform will reduce costs even further as the automaker begins a “liberation battle” against gasoline-powered cars.

BYD is best known for its cheap EVs, such as the Dolphin, Atto 3 and the sleek Seal sedan, and is going a step further in 2024.

After surpassing Tesla in the last three months of 2023 to become the largest EV manufacturer globally, BYD says Tesla is not its competition. They are gas cars.

BYD launched a price war against ICE vehicles last month with the new Qin Plus EV and PHEV models. Starting at $15,200 (109,800 yuan), the new EV officially opened a “new era where electricity is cheaper than oil.”

The DM-i (PHEV) version is even cheaper, starting at around $11,000 (79,800 yuan). It includes an all-electric NEDC range of up to 120 km.

The all-electric Qin Plus is offered with 48 kWh or 57.6 kWh battery packs for a CLTC range of up to 261 miles (420 km) or 316 miles (510 km), respectively.

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BYD Atto 3 (Source: BYD)

BYD launches a cheaper EV platform to fuel the price war

Last year, BYD introduced a DM-i model priced below 100,000 yuan ($13,900) for the first time. The automaker said it “instantly destroyed the moat of joint venture vehicles.” In other words, older automakers that still sell gas-powered cars.

BYD has followed this up with several cheaper versions of its best-selling models, including the new Dolphin EV Honor Edition, starting at $13,900 (99,800 yuan).

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BYD Dolphin EV Honor Edition (Source: BYD)

BYD also launched drastic prices for the Yuan Plus, its best-selling electric car, and new Tang and Han models, fueling the price war with ICE cars.

Most recently, BYD unveiled its cheapest EV yet, the new Seagull EV (Honor Edition), starting at a “shocking price” of $9,700 (69,800 yuan).

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BYD Seagull (Source: BYD)

According to a new report from 36 kr., BYD will use all its technological advantages to wage a “liberation struggle” over the next three years.

The report names several people familiar with BYD’s plans, which were released at a recent internal core meeting.

The new platform will update BYD’s DM-i and fully electric models, according to the sources. Most BYD vehicles are based on the e-Platform 3.0, with a CLTC range of up to 1,000 km (620 miles).

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BYD Dolphin (left) and Atto 3 (right) Source: BYD

The platform was launched in 2021 and could be updated to 4.0 this year. The big advantage of BYD’s current 3.0 is the eight-in-one integration, which reduces costs by almost 20%.

The upcoming 4.0 will take it to the next level with more integration and fewer wiring harnesses. According to the report, this will support further cost savings.

The next-generation DM-i system allows PHEVs to travel more than 2,000 km on one tank of fuel and fully charged. This will make it difficult for traditional gasoline cars to compete.

BYD Qin Plus EV Honor Edition (Source: BYD)

BYD’s main goal in the “liberation struggle” is to steal even more market share from gas-powered cars over the next three years.

Electrek’s Take

Older carmakers are already afraid of BYD’s cheap EVs. How will they react to a new, even cheaper EV platform?

Although BYD does not plan to launch electric passenger cars in the US, it is gaining market share in key global markets including Europe, Japan, South America and Thailand.

BYD’s first freighter landed in Germany last month with about 3,000 vehicles on board as the automaker looks to expand its global footprint.

Ford CEO Jim Farley said that if you can’t compete with the Chinese, “20 to 30% of your sales are at risk.” For this reason, Ford is developing a low-cost EV platform to stay competitive.

Although many compare BYD and Tesla, BYD considers Tesla an ally and “industry peer.” BYD believes that partnering with Tesla is the best as the company aims to increase the share of electric vehicles on the road.

Source: CnEVPost

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