Chinese electric vehicle manufacturer BYD (002594.SZ) has reduced the starting price of its Seagull hatchback by 6.3%, now starting at 73,800 yuan ($10,658.89), as displayed on the company's website. The vehicle received considerable attention at the Shanghai auto show, where it was initially advertised at 78,800 yuan - half the cost of the most affordable new energy vehicles on the market.
BYD's website now reveals that customers can choose between two versions, both with a range of 305 km, providing various options in terms of tires and features like wireless phone charging. The updated prices for the two versions are 73,800 and 78,800 yuan, while they were advertised at 78,800 and 83,800 yuan during the auto show.
The long-range version of the Seagull hatchback has also seen a price reduction, now listed at 89,800 yuan compared to the 95,800 yuan advertised at the auto show. In response to a Reuters inquiry, BYD stated that the previously advertised prices were "presale" prices.
Since January, more than 40 automotive brands, including BYD, have followed Tesla's lead in slashing prices on both electric vehicles and internal combustion engine vehicles. This move is in response to weakening demand in the world's largest automotive market.
