BYD’s cheapest electric car just got even more affordable. The EV maker is fueling its price war with gas-powered cars with the launch of its newest “mini Lamborghini” electric car. The BYD Seagull EV Honor Edition starts at $9,700 (69,800 yuan), 5% cheaper than the previous model.
A new era of electricity is cheaper than oil
After surpassing Tesla to become the largest EV maker globally late last year, BYD is carrying the momentum into 2024.
BYD kicked off a price war with gas-powered cars last month with the launch of its Qin Plus EV, starting at $15,200 (109,800). The Chinese automaker said the new EV officially opened “a new era of electricity is lower than oil. “
The DM-i model (PHEV) is even cheaper, starting at 79,800 yuan ($11,000) with up to 74 mi (120 km) NEDC all-electric range.
The EV version is offered with either a 48 kWh or 57.6 kWh battery pack for up to 261 mi (420 km) or 316 mi (510 km) CLTC range, respectively.
Last year, BYD introduced the Qin Plus Champion Edition (DM-i model) priced below 100,000 yuan ($13,900) for the first time. BYD claimed with the same price as gas-powered cars, the new model was “directly destroying the moat of joint venture vehicles.”
A few days later, BYD followed it with the new Dolphin EV Honor, starting at $13,900. The new BYD Dolphin features more performance and an improved design at a lower price tag.
Last week, BYD fueled the price war by cutting the prices of its new Tang and Han models. Then, earlier this week, BYD cut the price of its best-selling electric SUV, the Yuan Plus, to $16,600 (119,800 yuan).
BYD unveils cheaper Seagull EV starting under $10,000
BYD introduced the cheaper Seagull EV (Honor Edition) in China Wednesday with a “shocking price starting from 69,800 yuan.” That’s about $9,700 USD.
The new Seagull is available in 30.08 kWh and 38.88 kWh BYD Blade battery packs for 190 mi (305 km) or 252 mi (405 km) CLTC range, respectively.
BYD’s new Seagull is available in three trims.
BYD Seagull Honor Edition trim
Starting Price
Range (CLTC)
Active
$9,700 (69,800 yuan)
190 mi (305 km)
Free
$10,500 (75,800 yuan)
190 mi (305 km)
Flying
$12,000 (85,800 yuan)
252 mi (405 km)
BYD Seagull Honor Edition prices and range
Inside, the new EV features a 10.1″ rotating center infotainment. DiLink’s intelligent network connection allows users to interact with the vehicle and play videos.
The new Seagull EV can fast charge from 30% to 80% in 30 mins. According to local reports, BYD’s Seagull is being called “Lamorghini mini” because former Lamborghini designer, Wolfgang Egger led the project.
BYD recently launched the Seagull EV in South America. It will be known overseas as the Dolphin Mini and will have a starting price in Brazil of around $20,000 (99,800 BRL).
Electrek’s Take
BYD is launching an attack on gas-powered vehicles with an EV priced below $10,000. The Seagull (Dolphin mini) is quickly expanding overseas, stealing market share from mass-market automakers like Toyota.
Over 280,000 Seagull EVs were sold in China last year, topping the Dolphin and Yuan Plus (Atto 3). Although this is BYD’s cheapest car, it’s still a decent EV compared to many low-cost electric cars in China.
BYD’s aggressive price cuts are worrying automakers like Ford. Ford’s CEO Jim Farley said if you cannot compete with Chinese OEMs, “then 20% to 30% of your revenue is at risk.”
For this reason, Ford is developing a low-cost EV platform to prevent falling further behind Chinese EV makers and Tesla.
BYD is also expanding into new markets like Luxury and mid-size SUVs. Last month, the automaker introduced its $233,000 (1,680,000 yuan) Yangwang U9 electric supercar with a 0 to 62 mph sprint in 2.36 seconds.
The launch follows two mid-size electric SUVs, the Sea Lion 07 and Song L, aimed at the best-selling Tesla Model Y.
If you haven’t noticed, Genesis is quickly making a name for itself in the US. The luxury automaker now has 60 sales outlets as it expands into new US states. With new EVs launching, Genesis is eyeing a bigger share of the US luxury market.
Hyundai Motor Group’s Genesis brand is quietly emerging as a powerhouse in the US luxury market. Genesis marked its entry into the luxury segment in 2008 as a Hyundai-branded model.
In 2015, Hyundai announced Genesis would become an independent luxury brand. Since launching its first vehicle in the US, the luxury brand’s sales have surged from 7,000 in 2016 to over 69,000 last year. It even outsold Nissan’s Infiniti.
According to Genesis, this is just the start. The Korean luxury brand wants an even bigger slice of the market as it eyes rivals like Porsche.
A big reason behind the brand’s confidence is its new lineup of stylishly electric models. Genesis sells three EVs in the US: The GV60, Electrified G80, and Electrified GV70.
After introducing the Electrified GV70 just last year, the electric SUV is already Genesis’ top-selling EV in the US. According to Kelley Blue Book, Genesis sold 2,343 electric GV70 models in the US through September.
Genesis eyes a bigger share of the US luxury market
Altogether, the luxury brand’s EV sales reached over 4,600 through the first nine months of 2024, topping Porsche (4,291) and Volvo (3,644).
Genesis made a statement at the LA Auto Show, unveiling the updated 2026 Electrified GV70. The luxury electric SUV now includes more range and an NACS port so drivers can charge at Tesla Superchargers. It will go on sale in the first half of 2025.
Meanwhile, Genesis showcased its new GV60 Magma Concept at the event, its first dedicated high-performance EV. The brand sees its Magma performance brand rivaling that of Geman luxury brands like Mercedes AMG, BMW M, and Audi RS.
The Genesis GV60 Magma EV will launch next year, spearheading the brand’s “expansion into the realm of high-performance vehicles.”
Genesis enhanced the battery and motor while fine-tuning the chassis, thermodynamics, and profile for more power and efficiency.
It also features an aggressive new design, sitting much lower and wider than the current GV60 model. Genesis added a Magma-exclusive sound system to give it a sports car-like feel in the cockpit.
In April, we got our first look at the G80 EV Magma concept, which could be a potential challenger to Tesla’s Model S Plaid and the Porsche Taycan GT Turbo.
The luxury brand is expected to launch its flagship electric three-row SUV next year, the GV90. Genesis previewed the ultra-luxury EV in March after unveiling the Neolun concept.
Genesis now has 60 sales bases in the US, with new stores in Washington, Minnesota, New York, and Florida. It’s also building 30 in Canada as it expands its presence in the North American luxury market.
The luxury brand is opening a new dedicated design center in California. The “Genesis Design California” will open in the first half of 2025 as it builds out its US network.
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A rumor spreading like wildfire on social media claims BYD will be taking over NIO (NYSE: NIO) as the EV giant gobbles up market share in China. The rumor was posted by a suspected BYD employee, but NIO is denying the claim.
BYD acquiring NIO would be a massive move as China’s leading EV maker continues to dominate the market. But that’s not going to happen.
According to CnEVPost, NIO’s assistant vice president for branding and communications, Ma Lin, denied the rumors that BYD is taking over the company on Friday.
Ma posted a screenshot on social media asking BYD’s general manager of branding and PR, Li Yunfei if the person who posted the fake rumor was an employee.
Earlier today, the suspected employee claimed BYD and NIO were setting up a joint venture. In a Weibo post, the suspect said BYD would have majority control of the partnership with a 51% share while NIO would get the remaining 49% ownership.
Ma told Li that if it was, in fact, a BYD employee, he needed to issue an official clarification and apologize. If not, they can get the police involved together. Li also denied the rumors, saying the claim was seriously untrue.
NIO denies rumors that BYD is taking over the company
This is not the first time rumors surfaced that BYD will be taking over NIO, but because it is a suspected employee, the post has garnered more attention.
BYD is on a major hiring spree as it ramps up production to meet the higher demand. The EV giant now has over 900,000 employees, making it by far the largest A-share listed company in China.
After selling over 500,000 vehicles for the first time in a single month in October, BYD’s surge is heating up as the EV giant expands overseas for growth.
October was BYD’s fifth consecutive record sales month as it closes in on auto leaders like Ford in global deliveries.
NIO is also gaining momentum, with sales topping the 20,000 mark for the sixth straight month in October. With output of its new lower-priced Onvo L60 electric SUV ramping up, NIO expects to continue seeing higher demand.
Ma said on Friday that NIO’s “recent situation is quite good.” The company’s head of PR added, “Cash flow turned positive in the third quarter, gross profit improved in October, earning an extra RMB 100 million, and Onvo (deliveries) will exceed 10,000 in December.”
NIO is launching its third brand, Firefly, with deliveries kicking off in the first half of 2025. The company expects sales to double next year as it works to become profitable by 2026.
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Hyundai Motors is recalling 145,235 EVs and other “electrified” vehicles in the US, citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.
The NHTSA announced this morning that the recall affects selected IONIQ 5 and IONIQ 6 EVs, as well as certain luxury Genesis models, including the GV60, GV70, and G80 electrified variants, from the 2022-2025 model years, Reuters reported.
It looks like the issue stems from “the integrated charging control units in these vehicles, which may become damaged and fail to charge the 12-volt battery. This malfunction could lead to a complete loss of drive power, posing safety risks for drivers,” the NHTSA stated.
If you’re an owner of one of these Hyundai models dating 2022-2025, stay tuned. Hyundai has not yet provided a timeline as to when affected vehicles will be repaired.
To make that happen, the company’s dealers will inspect and replace the charging unit and its fuse if necessary, NHTSA said. Free of charge, of course.
Importantly, no crashes, injuries, fatalities, or fires due to this issue have been reported in the US, Hyundai reported.
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