BYD Pangkas Price In Order To Expand Domestic Market

BYD Song Plus DM-i. (Doc. BYD Auto)

JAKARTA - BYD, a leading Chinese automaker, announced a price cut of up to 10 percent to increase competitiveness in the domestic market. This step was conveyed to support sales expansion this November.

The price cut by BYD is valid from 1 to 30 November 2023. Frigate 07 Plug-In Hybrid (PHEV) is one of the models that gets a price cut of up to 18,000 yuan or the equivalent of IDR 38.7 million. In addition, other models such as Song Plus, which are available in the EV and PHEV variants, also experienced a price cut of 5,000 yuan or the equivalent of IDR 10.6 million.

Launching Nikkei Asia, Sunday, November 5, this action was taken as part of a warning for the sale of more than one million Ocean series units. BYD Chairman Wang Chuanfu also revealed the company's plans to invest in Indonesia, with a sales target of up to 3 million vehicles by 2023.

BYD's global sales data in October 2023 reached 300,000 units, with local sales reaching 2.38 million units from January to October. In addition to BYD, other Chinese manufacturers, such as the Great Wall Motor (GWM), also cut prices to 30,000 yuan or around Rp. 64 million for the Ora EV model.

Not only Chinese companies, but foreign brands like Tesla have also cut prices first. In markets with a population of more than 1.4 billion, Tesla cut the price of the Model Y Long Range by 4.5 percent and the Model Y Performance by 3.8 percent. Price cuts also occurred in Model S, which fell by around 14 percent, while the Model X in the entry level fell by around 18 percent. The Model X Plaid and Model S Plaid experienced a price decline of 20.8 percent and 19.4 percent, respectively.