BYD's new EV costs 50% less than Tesla Model 3
What's the story
BYD has launched its new electric vehicle (EV), the Seal 06, at a starting price of just over $15,000.
The move comes as China's auto industry is witnessing an intense price war.
The China Automobile Manufacturers Association (CAMA) recently warned that aggressive price cuts by automakers are "triggering a new round of price war panic."
Market impact
CAMA's warning and BYD's price cuts
The warning from CAMA comes after BYD announced major price cuts of up to 34% in May.
The cuts affected 22 of its most popular models, including the Seagull EV, which now starts at just $7,800.
The aggressive pricing strategy has clearly made an impact on the market and is likely a major factor behind CAMA's warning.
Vehicle details
Seal 06 similar in size to Tesla Model 3
The new Seal 06 EV comes in three trims with two BYD Blade LFP battery pack options: a 46.08kWh version offering a range of 470km and a larger 56.64kWh variant providing an extended range of up to 545km.
The electric sedan is similar in size to Tesla Model 3, measuring at length of 4,720mm, width of 1,880mm and height of about 1,495mm.
Tech features
Rotating infotainment system and heated seats among features
The Seal 06 EV has BYD's God Eye ADAS and DiPilot 100 smart cockpit system. However, unlike some of the more premium models, it uses a camera system instead of LiDAR.
The vehicle also boasts a rotating center infotainment system and a smaller driver display screen.
Despite being an entry-level model, it offers heated/ventilated front seats, panoramic sunroof, ambient lighting among other features.
Market rivalry
Seal 06 EV likely to force competitors to rethink strategies
The launch of Seal 06 EV at a starting price of 109,800 yuan ($15,300) makes it half the cost of Tesla's Model 3 RWD which starts at 235,500 yuan ($32,800) in China.
However, it has a slightly less range than its more expensive counterpart.
The new model is likely to put pressure on other automakers like Tesla to reconsider their pricing strategies in China's competitive EV market.