BYD launches low-cost hybrid sedan to compete with Toyota Corolla

When it launched the car on February 19, BYD said the new version - called Glory - was aimed at encouraging customers to switch from fossil fuel cars to electric vehicles. At $11,086, the new Qin Plus DM-i is nearly $2,800 cheaper than the old version, or about 20%.

"This price will make gasoline car assemblers tremble. Glory Edition will become the benchmark for the A-segment," BYD said in a statement posted on its Weibo account.

The Qin Plus DM-i combines a 1.5-liter naturally aspirated engine with 110 horsepower and 135 Nm of torque with an electric motor for a combined output of 180 horsepower or 197 horsepower.

In China, two out of every five new cars sold are battery-powered, with many young customers and budget-conscious drivers looking for low-cost electric vehicles.

The Qin Plus DM-i plug-in hybrid (PHEV) is 15 percent cheaper than the entry-level Volkswagen Lavida and nearly 40 percent cheaper than the standard Toyota Corolla. And compared to other hybrids like the $25,000 Toyota Prius, BYD's new product is less than half the price.

BYD - which has benefited from the rapid shift to electrification in its domestic market - has been working hard to create a range of affordable electric vehicles for Chinese customers.

In April 2023, the company launched the low-end Seagull hatchback priced from $10,300, hoping that the low-budget model could attract more low-income customers.

The base version of the Seagull — which can travel 305 kilometers per charge — is cheaper than some entry-level gasoline models, like the Toyota Yaris, which costs nearly $12,000.

BYD, which has many electric vehicles priced under $28,000, is about 30% cheaper than Tesla models. In 2023, the company sold 3.02 million electric vehicles and PHEVs worldwide, up 62.3% compared to the same period in 2022.

In January, BYD announced that it could invest $14 billion to develop smart electric vehicles, in an effort to compete with Tesla and some domestic rivals such as Nio and Xpeng in the high-end electric vehicle segment.

On February 18, BYD said it would launch several more luxury and high-end models this year. In 2023, the company introduced the $150,000 U8 electric car, showing a move to raise the value of its products.