Chinese electric vehicle giant BYD has unveiled an infinitely variable version of its plug-in hybrid technology, promising a driving range of 2,100 kilometers on a fully charged battery and full fuel tank.
BYD Chairman Wang Chuanfu said at an event in Shaanxi province that the technology enables the car to achieve record fuel efficiency of 2.9 litres per 100 kilometres even with a fully depleted battery.
The technology will advance BYD’s efforts to compete with gasoline-focused automakers such as Toyota and Volkswagen.
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BYD, which stands for Build Your Dreams, also said the technology can save users up to 9,682 yuan (about $1,336) per year compared with gasoline-powered vehicles.
BYD’s Shenzhen-listed shares had been sluggish for much of this month but rose more than 8 percent on Wednesday.
This is the fifth generation of the plug-in hybrid technology, with the previous version boasting a range of several tens of kilometers on battery power and fuel consumption of 3.8 liters per 100 kilometers on gasoline engine alone. The technology has driven BYD’s rapid growth since 2021 with models such as the Qin Plus DM-i sedan and Song Plus DM-i SUV.
BYD on Tuesday also launched sedan versions of its Qin L and Seal 06 models, which feature the latest generation of hybrid technology and are priced starting from 99,800 yuan ($13,775).
Plug-in hybrids, which start at 79,800 yuan ($11,014), have accounted for the majority of BYD’s sales over the past three years, with the company selling a total of 3.6 million units.
In the first quarter, BYD cut prices of its plug-in hybrid vehicles by 10-22 percent, helping its Qin and Song models attract cost-conscious Chinese buyers with their cheaper prices and better fuel economy, outselling gasoline models such as the Lavida and Sagitar in the mass market.
Toyota and VW step up competition
BYD is accelerating its international expansion, but its sales still lag behind multi-brand automakers such as Toyota, Volkswagen, General Motors and Stellantis.
Toyota also unveiled its next-generation engine on Tuesday. Compatible with alternative fuel sources Such as e-fuels and biofuels to reduce carbon emissions.
The move is part of Toyota’s larger strategy to avoid concentrating sales solely on EVs.
But unlike hybrid technology first used by Toyota in the Prius in 1997, plug-in hybrids led by Chinese automakers use larger battery packs and can run for longer on electric power.
Still, Chinese EV makers, led by BYD, pose a bigger threat to Japanese automakers in overseas markets such as Southeast Asia, Australia and the Middle East.
Governments in these markets have so far imposed far fewer trade barriers on Chinese EV companies than their US and European counterparts. The US already imposes 100% import tariffs on Chinese EVs, but Effective from August 1stThe EU is widely expected to impose similar taxes in June following an investigation into Beijing’s subsidies to automakers.
Meanwhile, German carmaker Volkswagen said on Tuesday They will develop low-cost electric vehicles. To take on Chinese rivals.
The company plans to build an EV for the European market priced at around 20,000 euros ($21,746), with sales set to begin in 2027.
“This is an entry-level electric car, from Europe, for Europe,” Volkswagen CEO Oliver Blume said.
- Additional editing by Vishakha Saxena, Reuters
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