Chinese Automaker BYD Makes Electric Vehicle That Costs Only S$13,000
Click here to read worldwide news on EV car development & maintenance include renewal energy - Solar / Wind power.
Chinese electric vehicle (EV) automaker BYD has cut the price of its cheapest car, the Seagull, by 5 per cent.
The small hatchback now costs 69,800 yuan (S$13,215), making it the cheapest EV in China, reported Reuters.
It has a maximum range of 305km on a single charge, a top speed of 130km/h, battery capacity of 30.08kWh, and a fast charging time of half an hour.
CNBC reported that specifications are below that of and "dwindle in comparison" with most EVs currently on sale in the U.S., but the unique selling point is that the car has been manufactured to be priced for a specific segment of the highly competitive automobile market, which could potentially undercut competitors.
Caresoft, an engineering benchmarking and consulting firm, also assessed the Seagull to be "efficiently done", and CNBC reported that it is a well-equipped vehicle for its price.
Price War
This latest price cut has caused waves globally for its potential to disrupt the auto industry, reported CNBC.
Former General Motors executive Terry Woychowski, who is now the president of Caresoft, told CNBC that the Seagull could be a "clarion call for the rest of the auto industry".
Currently, most of BYD's cars are sold in China. It has yet to enter the U.S. market, and has stated it has no plans to do so anytime soon.
Hong Kong-based analyst Shi Ji added that BYD is likely to continue offering discounts in 2024, Reuters wrote.
While this will pressure the brand's gross margin, the cost cuts will be offset by suppliers.
Chinese EVs A National Security Threat: Biden
According to The Wall Street Journal, BYD has since emerged as the world's biggest seller of EVs, ahead of Tesla.
While Tesla only sells battery-powered EVs at a more premium price, BYD offers both hybrid and battery-powered cars, giving it an edge over the U.S. automaker.
BYD factories in Thailand, Brazil, Indonesia, Hungary and Uzbekistan are currently in the works, and the automaker expects its first factory outside of China, located in Thailand, to be in operation by the end of the year.
The Thailand factory will serve the rest of Southeast Asia when it starts operating.
BYD, however, faces resistance in other countries, particularly the U.S.
U.S. president Joe Biden previously called EVs imported from China a threat to national security, saying that their operating systems could send sensitive information to Beijing.
An investigation will be conducted on these vehicles, and this could lead to new regulations and restrictions on Chinese vehicles, reported The New York Times.
“China is determined to dominate the future of the auto market, including by using unfair practices. China’s policies could flood our market with its vehicles, posing risks to our national security. I’m not going to let that happen on my watch,” Biden said in a statement.
Source: Mothership
The small hatchback now costs 69,800 yuan (S$13,215), making it the cheapest EV in China, reported Reuters.
It has a maximum range of 305km on a single charge, a top speed of 130km/h, battery capacity of 30.08kWh, and a fast charging time of half an hour.
CNBC reported that specifications are below that of and "dwindle in comparison" with most EVs currently on sale in the U.S., but the unique selling point is that the car has been manufactured to be priced for a specific segment of the highly competitive automobile market, which could potentially undercut competitors.
Caresoft, an engineering benchmarking and consulting firm, also assessed the Seagull to be "efficiently done", and CNBC reported that it is a well-equipped vehicle for its price.
Price War
This latest price cut has caused waves globally for its potential to disrupt the auto industry, reported CNBC.
Former General Motors executive Terry Woychowski, who is now the president of Caresoft, told CNBC that the Seagull could be a "clarion call for the rest of the auto industry".
Currently, most of BYD's cars are sold in China. It has yet to enter the U.S. market, and has stated it has no plans to do so anytime soon.
Hong Kong-based analyst Shi Ji added that BYD is likely to continue offering discounts in 2024, Reuters wrote.
While this will pressure the brand's gross margin, the cost cuts will be offset by suppliers.
Chinese EVs A National Security Threat: Biden
According to The Wall Street Journal, BYD has since emerged as the world's biggest seller of EVs, ahead of Tesla.
While Tesla only sells battery-powered EVs at a more premium price, BYD offers both hybrid and battery-powered cars, giving it an edge over the U.S. automaker.
BYD factories in Thailand, Brazil, Indonesia, Hungary and Uzbekistan are currently in the works, and the automaker expects its first factory outside of China, located in Thailand, to be in operation by the end of the year.
The Thailand factory will serve the rest of Southeast Asia when it starts operating.
BYD, however, faces resistance in other countries, particularly the U.S.
U.S. president Joe Biden previously called EVs imported from China a threat to national security, saying that their operating systems could send sensitive information to Beijing.
An investigation will be conducted on these vehicles, and this could lead to new regulations and restrictions on Chinese vehicles, reported The New York Times.
“China is determined to dominate the future of the auto market, including by using unfair practices. China’s policies could flood our market with its vehicles, posing risks to our national security. I’m not going to let that happen on my watch,” Biden said in a statement.
Source: Mothership
28 Mar 2024
