In a bold move that could redefine the automotive landscape, BYD (OTC:BYDDY) and Xiaomi (OTC:XIACF) have launched their race to make EVs more affordable than their gasoline counterparts.
What Happened: BYD, which overtook Tesla Inc. (NASDAQ:TSLA) as the largest EV manufacturer globally in the last quarter of 2023, is now focusing on competing with internal combustion engine (ICE) vehicles rather than other EV makers. Based on 36kr, Electrek noted on Monday that BYD is reportedly focusing on mobilizing all of its strengths in technology and upstream and downstream industry chains to fight a “liberation battle” over the next three years. The decision was made during an internal meeting to make EVs more affordable than gasoline cars.
BYD will reportedly update its Dual Model hybrid system and its all-electric e-Platform. Most of its vehicles are based on the e-Platform 3.0, which boasts a range of up to 620 miles.
Last month, BYD introduced the Qin Plus EV and PHEV models, with prices starting as low as $11,000. Moreover, they recently slashed the starting price of the new version of Seagull EV by 5.4%, ...