WionDrive News Desk 
As EV price war takes hold of the world’s largest automobile market, BYD is leaving no stone unturned to maintain its stronghold. The world’s most valuable EV maker has priced the new Yuan Plus crossover – known as the Atto 3 in overseas markets – at 119,800 yuan (USD 16,644), 11.8% lower than the final sales price of the version it has replaced. The company has already set lower launch prices for a slew of its EV models to compete with rivals including domestic peer Geely Auto and US EV champion Tesla. The latter has been engaging customers by offering incentives in a cooling market.
Strong international foothold
BYD sold 412,202 Yuan Plus EVs last year, with 100,020 of them exported to overseas markets, making 42% of its total car exports for that year, as per data from the China Association of Automobile Manufacturers. The automaker has been counting on overseas markets for higher profit margins. The Atto 3 is sold in Australia with a starting price of AUD 48,011 (USD 31,336), 85% higher than in China.
Scouting for plant in Mexico
In a separate development, the EV maker is working on gaining a strong foothold on the North American market as it is scouting for the location for a plant in Mexico. The company expects to choose a location which would be able to produce 150,000 cars annually by the year end. The carmaker is looking to boost its global sales volume and make a mark in the global EV industry. Earlier this year, it outpaced US giant Tesla to become the most valuable EV maker globally in the fourth quarter of 2023.
Posing a threat to local makers
The company’s push into Mexico foreshadows a competitive threat to the local automakers as well as to companies operating in the US market. Due to this, last month, a US manufacturing advocacy group, the Alliance for American Manufacturing warned that low-cost Chinese cars and parts could threated the viability of auto companies in the US. The group urged the government to block import of low-cost Chinese autos and parts from Mexico to prevent an “extinction-level event” for the US auto sector.
BYD is one of the most aggressive Chinese players, posing immense competition to its global rivals, especially Tesla. The company is expected to bring massive price cuts to international markets, just like it did in its home market.
