BYD, the world’s largest electric-vehicle maker, is targeting a 20 per cent increase in sales this year, just a third of last year’s tally, as overcapacity concerns and a price war loom over the sector in mainland China.
The Chinese smartphone maker, which has started taking orders for its maiden EV model, will start deliveries on March 28. The market estimates the car to be priced from 200,000 yuan (US$27,865) to 370,000 yuan.
Geely’s premium electric-vehicle unit Zeekr has cut prices by 10 per cent, joining the fray against mainland Chinese rivals after BYD fired the first salvo this month.
Mainland Chinese EV builders’ 2024 has got off to a bumpy start, after car deliveries dropped sharply amid mounting concerns about a slowing economy and job losses.
Deliveries hit a record 940,000 units in November, industry body CPCA estimates, as a strong second half of the year puts EV makers on course to meet an ambitious sales target for 2023 despite a bumpy start.