TECH - Warren Buffett-Backed BYD Slashes EV Prices In Year-End Push Amid Intensifying Race With Tesla | Benzinga
China’s leading electric vehicle (EV) manufacturer, Warren Buffett-backed BYD, has announced significant price cuts on several models in a year-end push, heating up its global competition with Tesla Inc. (NASDAQ:TSLA).
What Happened: BYD’s price reductions include several Dynasty models like the Qin, Han, Tang, and Song. The discounts range from RMB 3,000 – RMB 10,000 ($423 – $1,410), according to Chinese news outlet The Paper. However, the Ocean series will not see price adjustments, Electrek reported.
BYD clarified that these discounts are not permanent price cuts but limited-time offers aimed at accelerating its shift to EVs. Customers placing orders and paying deposits can avail of various incentives, with discounts going up to RMB 20,000 ($2,820).
The company’s CEO, Wang Chuanfu, stated at a recent half-earnings conference that BYD is ...