Nonetheless, BYD is growing as an EV manufacturer that will play a significant role in the global EV industry, both directly and indirectly. BYD also manufactures batteries, and Tesla is one of its customers. You can understand the attraction of a less expensive EV with less amenities but the same batteries as other vehicles. According to the SMCP, this results in a more cheaper electric vehicle:
Most BYD models cost between 100,000 and 200,000 yuan (US$29,000), which is a steal when compared to Tesla and other rivals like Nio and Xpeng, whose technology-packed versions cost more than 300,000 yuan apiece.
“EVs priced below 200,000 yuan are popular among white-collar consumers because they want to save money,” said Tian Maowei, a sales manager at Shanghai’s Yiyou Auto Service. “BYD’s electric and plug-in hybrid automobiles are simple to sell in the domestic market since they are equipped with high-performance batteries that are seen to be as excellent as those used by luxury carmakers.”
