- Advertisement - INTERNATIONAL: BYD has sensationally reduced the price of its entry-level electric vehicle (EV), the Seagull hatchback, by 20%, cutting it to just 55,800 yuan (£5,712). That’s approximately 75% less than the value of Tesla’s low-priced model in China, the Model 3. According to the latest Yahoo Finance report, the move highlights BYD’s proactive and very bold pricing tactic as it seeks to rule the local EV market. The Seagull’s compressed dimensions may not compete with the Model 3 in scale, but the pricing approach indicates how far Chinese car builders have come in cutting EV production outlays. In EV adoption, China now leads the world, and corporations like BYD are taking advantage of scale and harnessing efficiency to weaken Western rivals. China’s EV market in turmoil – glut, slump, and shakeout The markdowns come amidst a mounting predicament in China’s EV segment. As of April, a record 3.5 million electric vehicles were not sold across dealerships—a strong indicator of surplus and decelerating demand. Market downturns and economic pressures are freezing consumer interest, placing the burden on all car manufacturers, particularly top-tier players like Tesla. See also