BYD launches affordable Dolphin EV in Japan to unlock market dominated by Toyota
China’s largest automaker, BYD, is set to take on Toyota on its home turf. BYD launched the all-electric Dolphin hatchback starting at ¥3.63 million ($24,570) in Japan Wednesday as it looks to take on Toyota head-on.
The Chinese automaker introduced the Dolphin EV at a launch event in Tokyo on Wednesday. Powered by a 70 kWh battery, the base model provides a range of 250 miles (400 km).
The extended-range variant offers up to 295 miles (476 km) range with a 150 Wh battery pack. It will cost around ¥4 million ($27,080).
Although BYD has rapidly expanded its brand in China and overseas markets, the automaker (like many foreign companies) has gained little traction in Japan.
Domestic automakers dominate Japan’s auto market, including Toyota, Honda, and Nissan. Imported vehicles accounted for just 6% of the market, according to data from Bloomberg senior auto analyst Tatsuo Yoshida. Most of them are luxury cars from Porsche, BMW, and Mercedes.
The Dolphin will join BYD’s Atto 3 (Yuan Plus in China) electric SUV launched in Japan in January as the second EV model in the region.
The Atto 3 starts at ¥4.4 million ($29,800) but has yet to compete with Nissan’s LEAF, starting at ¥4.1 million ($27,800). That said, BYD has sold around 700 Atto 3 models in Japan since launching.
BYD Dolpin EV to take on Toyota in Japan
Toyota, one of the biggest laggards in the EV transition, still dominates its home market.
Last year, Toyota sold around 1.25 million vehicles in Japan, more than twice as many as the runner-up Suzuki, with just over 600,000.
Although Japan is the third largest auto market globally, it still largely favors hybrid vehicles. Toyota’s Yaris was the best-selling car for the third year straight, while the Corolla placed second.
Outside of Toyota, Nissan, and Honda were the only brands with passenger vehicles in the top ten in 2022. The top three foreign brands included Volkswagen (Porsche), Mercedes-Benz, and BMW.
BYD plans to expand the brand in Japan with plans to open 100 dealerships and showrooms by 2025. Meanwhile, the Chinese automaker aims to launch its SEAL electric sedan in the region by early next year.
The move comes after European Commission President Ursula von der Leyen announced a probe into Chinese EVs, claiming “their price is kept artificially low by huge state subsidies.”
BYD and several other Chinese automakers made their presence known at the IAA Mobility Show in Munich. Automakers from China doubled their presence at the event over the past two years.
BYD showed off six electric models, including the SEAL and SEAL U, aimed at European buyers. The SEAL starts at 45,000 euros ($48,000) with up to 570 km (354 miles) range.
Electrek’s Take
Toyota may still have the edge (for now), but as buyers in Japan transition over to EVs, they will realize the benefits of going all-electric.
EVs offer superior technology, advanced drivetrains, smoother rides, instant acceleration, and much more than ICE-powered (or hybrid) cars could only dream of. The transition took Europe by surprise as Chinese electric vehicles are taking market share away from domestic automakers, which have also notoriously dominated their markets.
The same could happen in Japan. BYD’s Dolphin EV will compete head-on with Toyota’s top-selling Yaris.
With advanced tech, added features, and an affordable starting price, the Dolphin is ready to make its mark in the world’s third-largest auto market.
FTC: We use income earning auto affiliate links. More.
The Stripe logo on a smartphone with U.S. dollar banknotes in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in the private markets, still expects to increase headcount by 10,000 by the end of the year, which would be a 17% increase, and is “not slowing down hiring,” according to a memo to staff from Chief People Office Rob McIntosh. Business Insider reported earlier on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with text that read, “US-Non-California Duck,” was accidentally attached as a PDF to emails sent to some of the employees who were laid off. Some of the emails mistakenly provided affected employees with an incorrect termination date, the spokesperson said.
McIntosh sent a follow-up email to staffers apologizing for the “notification error” and “any confusion it caused.”
“Corrected and full notifications have since been sent to all impacted Stripes,” he wrote.
In 2022, Stripe cut roughly 1,100 jobs, or 14% of its workers, downsizing alongside most of the tech industry, as soaring inflation and rising interest rates forced companies to focus on profits over growth. The Information reported that Stripe had a few dozen layoffs in its recruiting department in 2023.
Stripe’s valuation sank from a peak of $95 billion in 2021 to $50 billion in 2023, before reportedly rebounding to $70 billion last year as part of a secondary share sale. The company ranked third on last year’s CNBC Disruptor 50 list.
In October, Stripe agreed to pay $1.1 billion for crypto startup Bridge Network, whose technology is focused on making it easy for businesses to transact using digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the public markets and have given no indication that an offering is on the near-term horizon. Total payment volume at the company surpassed $1 trillion in 2023.
WATCH: Early Bridge investor weighs in on $1.1 billion Stripe deal
Thinking about upgrading your EV? Rivian (RIVN) launched a new promo on Tuesday, offering up to $6,000 to upgrade your R1S or R1T. Here’s how you can snag some savings.
Rivian R1S and R1T upgrade deal offers up to $6,000
Rivian delivered over 51,500 vehicles last year as the EV maker gains momentum. Although it was only slightly higher than the ~50,100 delivered in 2023, Rivian is expected to see even more growth this year.
After shutting down its Normal, IL manufacturing plant last April and renegotiating supplier contracts, Rivian has seen “significant cost improvements,” according to CEO RJ Scaringe.
Rivian also began delivering its next-gen R1S and R1T models last year. The new Large and Max battery packs have redesigned modules and more efficient packaging, “making them easier to manufacture and service.” For example, Rivian’s new EVs use seven ECUs, down from 17 in the first-generation R1T and R1S.
With new plant upgrades, reworked supplier contracts, and more efficient vehicles, Rivian is now passing the savings on to customers.
Rivian introduced a new promo on Tuesday, offering up to $6,000 to upgrade your R1T or R1S. The bonus amount varies by trim:
- Tri with Max battery: $6,000 USD / CAD 8,600
- Dual with Max battery and Performance upgrade: $4,500 USD / CAD 6,500
- Dual with Max battery: $3,000 USD / CAD 4,300
The offer is for current R1T or R1S owners or lessees in the US and Canada. Rivian launched the new promo on January 21, and it runs through March 31, 2025.
After you purchase or lease a qualifying vehicle, Rivian will apply a discount toward the MSRP. You must take delivery by March 31, 2025. In the fine print, Rivian stated, “You must request a trade-in estimate to qualify for this offer, but trade-in of a vehicle is not required.”
Any other models are excluded from the offer. These include Dual Standard configurations, Dual with Large battery configurations, custom builds, demo vehicles, and pre-owned vehicles.
The new offer follows Rivian’s previous upgrade promo introduced last October, giving qualifying gas-powered vehicle owners or lessees up to $3,000.
Check out the Rivian R1 Shop to view eligible models. You can see eligible Rivian R1S here and R1T models here.
Electrek’s Take
Rivian’s R1S was already the tenth best-selling electric vehicle in the US last year, with nearly 27,000 models sold. With more driving range and power at a lower cost, the electric SUV could see even more demand in 2025.
Then again, with the arrival of new luxury electric SUVs, like the Jeep Wagoneer S and Volvo EX90, Rivian will face more competition in the US.
Rivian’s latest promo comes as the Company looks to carry the momentum from the end of 2024 into the new year. The EV maker is offering other deals, including 1.99% APR for 60 months on the R1 Dual with a Max Battery and Performance upgrade.
Even if you are not eligible for the promo, we can still help you find deals on Rivian’s electric SUV in your area. You can use our links below to view offers on the Rivian R1S and R1T near you today.
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports10 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway