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BYD isn’t content with just overtaking Tesla as the world’s best-selling electric car maker, but is trying to steal customers from traditional car companies such as Toyota and Volkswagen, sparking a brutal price war in the Chinese market.
As part of its claim that “electricity is cheaper than oil,” BYD currently offers discounts on nearly all electric and hybrid vehicle models, including best-selling models such as the Qin Plus and Seagull. The strategy is not only aimed at attracting first-time car buyers, but also trying to convince consumers who previously couldn’t afford an electric car.
The price war poses a threat to traditional car companies such as Toyota and Volkswagen as they have been slow to transition to electric vehicles, thus affecting sales in China.
(Source: Bloomberg Image source: unsplash)
