BYD slashes EV prices in Germany as it looks to push past Tesla, EU automakers

BYD is significantly lowering EV prices in Germany to extend its global lead. The automaker slashed prices by up to 15% on its most popular EVs.

BYD cuts EV prices in Germany in overseas expansion

After overtaking Tesla in EV sales in the last three months of 2023, BYD aims to extend its lead in key markets.

Most recently, BYD cut prices in Germany, Volkswagen, BMW, and Porsche’s home turf. According to the German auto newspaper Automobilwoche, BYD has lowered EV prices by up to 15% in Germany.

This includes its best-selling Atto 3 (Yuan Plus in China). The Atto 3 went on pre-sale in Europe in September 2022, with prices starting at 38,000 euros ($41,700).

As per a recent Automotive News Europe article, BYD Atto 3 prices were around 47,000 euros earlier this year. At 15% off, that would suggest that the electric SUV starts at under 40,000 euros ($43,000).

BYD’s Atto 3 features a 60.48 kWh Blade battery that’s good for 420 km (260 miles) WLTP range. At 4,455 mm (175″) long, 1,875 mm (74″) wide, and 1,615 mm (63″) tall, the Atto 3 competes with the VW ID.4 and Tesla Model Y in Europe.

The news comes as Volkswagen cut EV prices earlier this week to keep pace with Tesla. At 40,000 euros, BYD’s electric SUV is in line with the ID.4 (43,900 euros) and Tesla Model Y (44,890 euros).

The Atto 3 (Yuan Plus) sells for around $18,700 (135,800 yuan) in China. BYD’s electric SUV hit a major milestone as the 500,000th model rolled off the line in September.

BYD cutting EV prices in Germany comes as its first cargo ship arrived at Yantai port this week. The next stop is BYD’s home base in Shenzhen, where it will load EVs to ship to Europe. The BYD Explorer No. 1 will “ensure BYD’s rapid delivery and expansion of overseas markets,” according to CIMC, which built the vessel.

Electrek’s Take

BYD continues gaining market share in key auto markets with affordable all-electric options. Although BYD is best known for its low-cost EVs like the Atto 3 and Dolphin electric hatchback, it’s expanding into new segments.

The EV leader unveiled its new 1,000 hp U7 sedan, part of its Yangwang luxury brand, launched last year. BYD’s U7 will join the U8 off-roader in its expanding lineup of vehicles priced above 1 million RMB ($140,000).

BYD also revealed two new mid-size electric SUVs, the Sea Lion 07 and Song L, as it looks to extend its lead in the EV market. The Song L was launched last month at $26,700 (189,900 RMB).