BYD Leads Dozens of Chinese Pure-Electric Car Price Cuts After 2024 Chinese Spring Festival

Price down, price down, price down.

Chinese Spring Festival ends. China’s car market is busy, and vehicle price reduction is simple and rough.

BYD fired the first shot, and then the A-class car market followed.

The price of the BYD Qin Plus Glory version of the model was reduced by ￥10,000 ($1391). The car starts at only ￥77,800 ($10824) from sale. Moreover, many Chinese car companies like Wuling, Changan, Nezha, Beijing, and Hyundai quickly follow up.

The A-Class car could be just the beginning.

The news said that BYD dolphin’s glory version of the model will also be launched this week, which is difficult not to remind people of this time last year, BYD is using the “998 Qin PLUS”, which opened the champion version of the model listed.

Chinese Dragon Year Car Price War

BYD started the first shot of the price war in the Year of the Dragon and launched the Qin PLUS and Destroyer 05 glory version models, which are sold from ￥77,800 ($10824).

The former BYD Qin PLUS champion version has been reduced to ￥89,800($12494), the glory version has been reduced by￥10,000 ($1391), and the main configuration has not changed.

According to the official introduction, the Honor version also adds an “intelligent power-on and power-off” function compared to the champion version. No other details have been changed.

Wuling Starlight 150km advanced version reduced by ￥6,000($834), the current price of ￥99,800($13885), sniper Qin PLUS 120km pure electric endurance model.

Wuling Starlight is also a plug-in hybrid car, the body is slightly longer than Qin PLUS, the entry model is only ￥88,800($12355) yuan, and the pure battery life under CLTC conditions is 70km.

Beijing Modern Elantra is tit-for-tat, the starting price dropped to ￥75,800($10546), at the same time, played the slogan of “oil” is better than “electricity”, apparently in response to BYD’s “electricity is lower than oil”.

In this round of price war, the most interesting is the entry of Changan Qiyuan A05, which first flowed out of the Internet with a “electricity is lower than oil! Low! Low!” The poster showed that Chang ‘a Qiyuan A05 dropped to ￥73,800($10268).

Soon Changan official announced that Qiyuan A05 was sold for ￥78,900($10977) yuan, down ￥11,000($1530) from the original price.

Geely Galaxy E8, a pure electric car sold from ￥175,800($24460), launched a limited-time interest in February, including ￥2,000($278) to ￥7,000($974) for car purchases and ￥6,000($835) for optional equipment funds.

The SUV Denza N7, which sells for ￥301,800($41991), has also launched a limited-time promotion, which is very strong, and users can buy Denza N7 from February 18 to February 25 and can enjoy ￥2,000($278) offset ￥52,000($7235).

Nezha’s price cut covers more models:

SUV model Nezha X reduced the price by ￥22,000($3061), and added 400 Air versions of 99,800 yuan from the sale.

B+ sedan Nezha S price cut ￥5000($695), the current price from ￥154,800($21538).

SUV model Nezha Aya reduced the price by ￥8,000($1113), the current price of ￥65,800 ($9155).

From “the same price of oil and electricity” to “electricity is lower than oil”

This price reduction of Qin PLUS shocked many people. After all, it only came down once a year ago.

Many people feel that further price cuts are normal.

Byd’s performance forecast released at the end of January shows that its 2023 net profit is expected to be ￥29 billion to ￥31 billion, equivalent to an average daily profit of ￥79 million to ￥87 million.

From the perspective of the larger market, the ￥79,800($11103) Qin PLUS Glory Edition may be just the beginning.

So there may be more glory version models launched in the future, a repeat of last year’s champion version of the listing tide, “electricity is lower than oil” is a declaration for all models.

Now, BYD has played the first card, ￥79,800($11103) Qin PLUS, how should the joint venture brand respond?