BYD’s $10,000 Seagull EV worrying rivals as it hits new markets
China’s BYD is launching its cheapest electric car in Europe next year. Ahead of its official debut, BYD’s $10K Seagull EV is already creating a stir among foreign rivals.
BYD is on a roll. Earlier this year, it declared a “liberation battle” against gas-powered vehicles and launched its cheapest EV, the Seagull Honor Edition.
Starting at $9,700 (69,80 yuan), BYD’s new Seagull EV is already stoking fear among rivals. Powered by BYD’s Blade batteries, the electric car is available in 30.08 kWh and 38.88 kWh models, which provide up to 190 miles (305 km) and 252 miles (405 km) CLTC range, respectively.
The low-cost EV earned the nickname “mini Lamborghini” as former Lamborghini designer Wolfgang Egger led the project.
Despite its affordable price tag, the Seagull’s interior features a 10.1″ rotating center screen with an otherwise minimalist design. Users can also interact and play media with DiLink’s intelligent network.
BYD’s Seagull is available in three trims in China. The base (Active) starts under $10K (69,800 yuan). The Free trim starts at $10,500 (75,800 yuan), while the range-topping Flying model costs $12,000 (85,800 yuan).
BYD’s $10K Seagull EV causing a stir among rivals
Terry Woychowski, former GM executive and president of automotive at Caresoft Global, called BYD’s low-cost Seagull a potential “clarion call for the rest of the industry” earlier this year.
Caresoft, an engineering and consulting firm, looks at every vehicle component to determine how it can be improved for its clients. After testing the Seagull, the company said it was simple and efficiently designed. More importantly, Caresoft was surprised by the electric car’s quality and reliability.
“What they do is done very well,” Woychowski said, “It’s efficiently done. BYD has already launched the Seagull in overseas markets, including Brazil.
The affordable EV is creating a stir among rivals. Ford CEO Jim Farley called it a “pretty damn good” car. Meanwhile, Martin Sander, head of Ford’s European EV unit, said, “Of course, we are nervous when new competition is coming to the market.”
Sold under the name Dolphin Mini, BYD’s low-cost electric car starts at around $20,000 (99,800 BRL) in Brazil, undercutting most of the competition.
In Mexico, it starts at $19,780 (358,800 pesos). Although Mexico “is not great for us,” according to BYD Americas CEO Stella Li. Li explained, “In the end we found a lot of demand, a lot of heat” for the Seagull.
Now, BYD aims even higher. Next year, it will launch the Seagull EV in Europe to compete with VW, Stellantis, and others on its home turf.
Despite tariffs, BYD expects the Seagull to start at less than 20,000 euros ($21,500). That’s still thousands lower than its rivals.
And BYD isn’t stopping there. The EV maker plans to launch a higher-end 25,000 euro ($27,000) electric car, according to European managing director Michael Shu. In addition, with two plants planned in the region, BYD expects to overcome the potential impacts of EU tariffs on China-made EVs.
Electrek’s Take
Although several automakers have recently announced plans to launch affordable EVs, BYD is already on top of the market.
With BYD’s $10K Seagull EV rolling out globally, rivals are bracing for the impact. Other automakers, like Ford and Kia, have shifted plans to focus on smaller, more affordable EVs to keep up with demand.
Meanwhile, although BYD is best known for its low-cost electric cars, the automaker is expanding into new segments.
BYD launched the Sea Lion 07, a mid-size electric SUV set to rival Tesla’s best-selling Model Y. Starting at $26,250 (189,800 yuan), the new electric SUV undercuts the Model Y, which starts at $34,550 (249,900) in China.
The company is also launching a series of high-end luxury vehicles under its Yangwang brand. In February, the brand launched its first electric supercar, the U9, starting at $233,400 (1,680,000 yuan).
Yangwang’s first vehicle, the U8 off-roader, made its European debut at the Geneva International Motor Show in February.
BYD also launched its first pickup, the Shark PHEV, last week in Mexico, which will rival Toyota’s best-selling Hilux and Ford’s Ranger.
Source: Bloomberg
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Nissan is the latest victim of BYD’s “liberation battle” against gas-powered cars. After BYD’s aggressive price cuts this year, Nissan is shutting down a factory in China as it struggles to keep up.
As is the case for many legacy automakers, China is a critical sales market for Nissan. Nearly a third of Nissan’s global sales and net profits are from China.
After slipping out of the top five automakers (by market share) in China in 2022, Nissan’s woes are worsening. Nissan’s sales fell 16% in China last year and the trend has continued into 2024.
Nissan’s sales fell another 2.8% last month, with 64,233 vehicles sold in China. The company cut guidance by 23% last year, with 800,000 vehicle sales expected in fiscal 2024. According to Nikkei, Nissan will do so with one less factory.
Nissan is closing the doors to its plant in Changzhou as the factory is building more cars than it can sell.
The facility accounts for about 8% of Nissan’s production capacity in China, with an annual capacity of around 130,000 units. According to the report, the plant shuts down on Friday.
Under its joint venture with China’s Dongfeng Motor, Nissan has eight plants in the region. Its total annual capacity is around 1.6 million, double Nissan’s projected sales figures for fiscal 2024.
Nissan shuts down China plant amid BYD’s EV price war
The plant shutdown comes as Nissan struggles to keep up in an increasingly competitive China EV market.
China’s largest automaker, BYD, kicked off a “liberation battle” against ICE vehicles earlier this year. The goal is to continue taking market share from gas-powered cars with lower-priced EVs. So far, it seems to be working.
BYD has drastically cut prices while introducing lower-priced EV models. Its cheapest, the Seagull EV, starts under $10,000 (69,800 yuan).
BYD’s CEO, Wang Chaunfu, said EVs have entered “the knockout round” and that the next two years will be critical for automakers to catch up.
With lower-priced, more advanced models hitting the market, BYD sees joint venture brands (like Nissan’s) market share falling from around 40% to 10% in China.
Nissan isn’t the only legacy automaker feeling the heat. Japanese rivals Toyota, Mitsubishi, and Honda have also pulled back in China amid slumping sales.
Meanwhile, BYD looks to expand its global footprint after outgrowing China’s EV market. BYD is closing in on a deal for a plant in Mexico that would be among the biggest in the country. The company expects to sell 50,000 vehicles in Mexico this year.
BYD is also expanding on Nissan and Toyota’s home turf. According to data from the Japan Automobile Importers Association, BYD accounted for over 20% of Japan’s EV imports in January.
With longer-range, lower-priced models rolling out, BYD’s momentum is expected to continue. China’s leading automaker is also expanding into new segments like pickups (check out the new Shark PHEV), mid-size electric SUVs, and luxury.
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Tesla scrapped promotional financing on the Model 3 Long Range this week after it became eligible for the $7,500 federal tax credit.
As Electrek reported on June 17, Tesla and the IRS confirmed that the Model 3 Long Range All-Wheel Drive is now eligible for the full tax credit. Today, Tesla is pricing the EV’s upfront purchase price at just $34,990 – $1,000 more than the Model 3 Rear Wheel Drive – including the federal tax credit and an estimated five-year gas savings of $5,000.
The Model 3 Rear Wheel Drive still doesn’t qualify for the federal tax credit because it uses LFP battery cells from China.
The Model 3 Long Range is now listed at 6.39% APR on loans up to 72 months. The Model 3 Rear-Wheel Drive continues to offer 1.99% APR for 36 months with a 60-month option at 2.99%.
Even though the Model 3 Long Range is now $7,500 cheaper, the higher interest rate is a bit of a party pooper, as it eats up potential savings. The folks at CarsDirect estimated that on a five-year loan, thanks to the 6.39% interest rate, the Model 3 Long Range has more of a $4,200 advantage than a $7,500 advantage.
If you’re eligible for the federal tax credit, the Model 3 Long Range is cheaper than before but costs around $3,200 more to finance through Tesla than last week. CarsDirect suggests comparing your options carefully if you’re shopping for a Model 3 Long Range.
Click here to find a local dealer that may have the Model 3 in stock –affiliate link
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Electrify America and electric utility Rocky Mountain Power have rolled out the first of 20 DC fast charging stations in Utah.
Electrify Commercial, a business unit of Electrify America, and Rocky Mountain Power, a division of PacifiCorp, are deploying more than 80 chargers at 15 DC fast charging stations in the Salt Lake City area and five DC fast charging stations in surrounding regions.
So far, four charging stations have come online in Millcreek, Vernal, Moab, and Kimball Junction.
Rocky Mountain Power, the only rate-regulated public utility providing electric service in Utah, will own the new charging stations. Each will have “hyper-fast” chargers capable of speeds up to 350 kW. The utility will set the pricing and Rocky Mountain Power utility customers get a discounted rate.
Since 2016, Rocky Mountain Power has installed more than 120 DC fast chargers in Utah and completed an electric highway corridor along I-15, Utah’s primary and only north-south interstate highway. It’s also facilitated the installation of more than 3,000 Level 2 chargers for workplaces, retail, and multifamily housing. The utility is spending $50 million to install EV charging infrastructure across Utah.
All 20 of Utah’s new DC fast charging stations will be on Electrify America’s coast-to-coast “locate a charger” map, which includes more than 950 stations and over 4,250 chargers in the US and Canada. Drivers will be able to access and pay for charging on Rocky Mountain Power’s chargers through the Electrify America mobile app.
Read more: Here’s what Electrify America’s EV charging plans are for 2024
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