BYD is leading an offensive against ICE vehicles. A new report claims BYD’s new EV platform will slash costs even further as the automaker kicks off a “liberation battle” against gas-powered cars.
Best known for its low-cost EVs, such as the Dolphin, Atto 3, and sleek Seal sedan, BYD is taking its game up a notch in 2024.
After surpassing Tesla to become the largest EV maker globally in the last three months of 2023, BYD says Tesla is not the competition. It’s gas-powered cars.
BYD launched a price war on ICE vehicles last month with the new Qin Plus EV and PHEV models. Starting at $15,200 (109,800 yuan), the new EV officially opened a “new era of electricity is cheaper than oil.”
The DM-i (PHEV) version is even cheaper, starting at around $11,000 (79,800 yuan). It includes up to 74 mi (120 km) NEDC all-electric range.
The all-electric Qin Plus is offered with 48 kWh or 57.6 kWh battery packs for up to 261 mi (420 km) or 316 mi (510 km) CLTC range, respectively.
BYD Atto 3 (Source: BYD)
BYD launching lower-cost EV platform to fuel price war
Last year, BYD introduced a DM-i model priced below the 100,000 yuan ($13,900) mark for the first time. The automaker said it was “directly destroying the moat of joint venture vehicles.” In other words, legacy automakers that are still selling gas-powered cars.
BYD has followed it up with several lower-priced versions of its top-selling models, including the new Dolphin EV Honor Edition, starting at $13,900 (99,800 yuan).
BYD Dolphin EV Honor Edition (Source: BYD)
BYD also launched slashed prices on the Yuan Plus, its best-selling EV, and new Tang and Han models, fueling the price war with ICE cars.
Most recently, BYD revealed its cheapest EV yet, the new Seagull EV (Honor Edition), starting at a “shocking price” of $9,700 (69,800 yuan).
BYD Seagull (Source: BYD)
According to a new 36kr report, BYD will use all of its tech advantages to fight a “liberation battle” over the next three years.
The report cited several people familiar with BYD’s plans, released at a recent core internal meeting.
The new platform will update BYD’s DM-i and all-electric models, according to the sources. Most BYD vehicles are based on its e-Platform 3.0, featuring up to 1,000 km (620 mi) CLTC range.
BYD Dolphin (left) and Atto 3 (right) Source: BYD
Launched in 2021, the platform could be updated to 4.0 this year. The big advantage of BYD’s current 3.0 is the eight-in-one integration, which cuts costs by nearly 20%.
The upcoming 4.0 will take it to the next level with more integration and fewer wiring harnesses. This will support further cost reduction, according to the report.
Its next-gen DM-i system will enable PHEVs to drive over 1,200 miles (2,000 km) with a fuel tank and full charge. This will make it hard for traditional gas cars to compete.
BYD Qin Plus EV Honor Edition (Source: BYD)
BYD’s main goal in the “liberation battle” is to steal further market share from gas-powered cars over the next three years.
Electrek’s Take
Legacy automakers are already fearing BYD’s low-cost EVs. How will they respond to a new, even lower-cost cost EV platform?
Although BYD isn’t planning to launch passenger EVs in the US, it is taking market share in key global markets, including Europe, Japan, South America, and Thailand.
BYD’s first cargo ship landed in Germany last month carrying around 3,000 vehicles as the automaker looks to expand its global footprint.
Ford’s CEO Jim Farley said if you cannot compete with the Chinese, “then 20% to 30% of your revenue is at risk.” For this reason, Ford is developing a low-cost EV platform to stay competitive.
Although many compare BYD and Tesla, BYD sees Tesla as an ally and “industry peer.” BYD believes working with Tesla is best as it aims to increase the share of EVs on the road.
Source: CnEVPost
FTC: We use income earning auto affiliate links.More.
Ruth Porat, President & Chief Investment Officer of Alphabet & Google, speaks during the Reuters NEXT conference, in New York City, U.S., December 10, 2024.
Mike Segar | Reuters
Alphabet‘s Google will invest $25 billion in data center and artificial intelligence infrastructure over the next two years in states across the biggest electric grid in the U.S., the technology company said Tuesday.
Google will also spend $3 billion to modernize two hydropower plants in Pennsylvania to help meet the growing power demand from data centers and AI in the region, according to the company.
The refurbishment of the Pennsylvania plants is part of broader a framework agreement that Google signed with Brookfield Asset Management to purchase 3,000 megawatts of hydroelectric power across the U.S.
Google’s investments in the region comes as the PJM Interconnection is struggling to keep up with rising electricity demand from data centers and industry. PJM is the biggest electric grid in the nation, covering 13 states across the mid-Atlantic and parts of the Midwest and South. It includes the world’s largest data center market in northern Virginia.
President Donald Trump, White House Cabinet officials, tech and energy executives are meeting at Carnegie Mellon University in Pittsburgh on Tuesday to discuss AI investment in Pennsylvania.
Locals call him the “Bicycle hero,” but Texas man Evan Wayne says he’s just doing what he can to help his community after it was cut off due to the recent devastating and deadly flooding tragedy.
When the local Sandy Creek flooded following torrential rains in Texas, it destroyed the only bridge into one community. Residents were cut off from access to supplies, including everything from necessities like food, water, and medicine to basic comforts.
Although the bridge was impassable to cars, volunteers who quickly organized to help the stranded residents found that the damaged bridge could still be traversed on foot. Or in the case of Evan Wayne, it could be covered by an electric bike.
Evan joined hundreds of volunteers who answered the call of grassroots organizers by working together without any official capacity. While many started by hand-pulling garden carts of supplies uphill to reach the stricken community, Evan jury-rigged a trailer to an e-bike and took on as much of the load as he could, helping shuttle much-needed food and gear into the community over hundreds of round-trip journeys.
Advertisement – scroll for more content
“This was a dog trailer 48 hours ago. I had a hacksaw, hacked the top off, grabbed some bungee cords, and here we are,” explained Evan in an interview with CBS Austin, while waiting for the next load of gear to be stacked on his trailer.
In the first two days of the operation, he made around 100 round trips each day, shuttling food and water as well as critical rescue supplies. “Right now, I’m waiting on a couple of chainsaws that I’ll bring in for a crew that’s been going at it with handsaws so far.”
In addition to delivering needed supplies, Evan has often found himself moving something even more important: information. “I’ve flagged down medics. I’ve been the guy that goes between Austin EMT and STAR Flight because I’m quicker than cell phones sometimes, people don’t have signal a lot of the time.”
Evan quickly points out that he isn’t the only one helping. “I’ve got an e-bike, but other people are pulling carts. People are walking, people are carrying things. Everyone is doing what they can.” But there’s no doubt that his ability to carry more gear at higher speeds and make hundreds of round-trip journeys so far in and out of the stricken neighborhood has helped impact countless lives.
“This is all volunteers here. They’re just taking it upon themselves to get people where they need to go. I think there’s an umbrella company coming in, taking over tomorrow, but until they get here, people are just taking care of people, which is what you’ve got to do.”
E-bikes proving their worth in emergencies
While many people consider electric bicycles just another form of recreation, they’ve proven to be potent transportation alternatives after natural disasters worldwide.
Not only do their small and efficient batteries make performing hundreds of rescue trips like Evans’ possible, but recharging can be done simply and easily with a solar panel when electricity is out after a disaster. And when gas stations are out of fuel (or simply can’t pump it with the power grid down), e-bikes can keep running while gasoline-powered motorcycles or ATVs run dry.
Electric bicycle batteries have also proven to be a handy source of emergency power after hurricanes and other disasters, often helping owners keep their phones charged up for days to remain in contact with family or rescue services.
While most hope to never need theirs for emergency purposes, electric bicycles have proven their worth in countless disaster scenarios, adding benefits far beyond just alternative transportation, recreation, or fitness riding.
E-bikes can be kept running nearly indefinitely after natural disasters with access to solar recharging equipment
Image credits: CBS Austin (screenshots), used under fair use
FTC: We use income earning auto affiliate links.More.
Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on “Social Media’s Role in Promoting Extremism and Misinformation” in Washington, U.S., March 25, 2021.
Handout | Via Reuters
Block jumped more than 5% on Monday, leading a rally in shares of fintech companies as analysts downplayed the threat of JPMorgan Chase’s reported plan to charge data aggregators for access to customer financial information.
The recovery followed steep declines on Friday, after Bloomberg reported that JPMorgan had circulated pricing sheets outlining potential fees for aggregators like Plaid and Yodlee, which connect fintech platforms to users’ bank data.
In a note to clients on Monday, Evercore ISI analysts said the potential new expenses were “far from a ‘business model-breaking’ cost increase.”
In addition to Block’s rise, PayPal climbed 3.5% on Monday after sliding Friday. Robinhood and Shift4 recorded modest gains.
Broader market momentum helped fuel some of the rebound. The Nasdaq closed at a record, and crypto rallied, with bitcoin climbing past $123,000. Ether, solana, and other altcoins also gained.
Evercore ISI’s analysts said that even if JPMorgan’s changes were implemented, the most immediate effect would be a slight bump in the cost of one-time account setups — perhaps 50 to 60 cents.
Morgan Stanley echoed that view, writing that any impact would be “negligible,” especially for large fintechs that rely more on debit, credit, or stored balances than bank account pulls for transactions.
PayPal doesn’t anticipate much short-term impact, according to a person with knowledge of the issue. The person, who asked not to be named in order to speak about private financial matters, noted that PayPal relies on aggregators primarily for account verification and already has long-term pricing contracts in place.
While smaller fintechs that depend heavily on automated clearing house (ACH) rails or Open Banking frameworks for onboarding and compliance may face real pressure if the fees take effect, analysts said the larger platforms are largely insulated.