BYD has unveiled a new hybrid powertrain that can travel more than 2,000 kilometers without recharging, intensifying competition in the electric vehicle market against Toyota and Volkswagen.
The upgraded technology, which aims to increase the gap between BYD and its traditional rivals, will be immediately integrated into two sedans that will cost under 100,000 yuan ($13,800), the automaker announced at an event broadcast live from China on Tuesday night.
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The longer range of the new hybrid vehicles means that some of BYD's dual- mode plug-in electric hybrid cars can cover distances such as Singapore to Bangkok, New York to Miami or Munich to Madrid, on a single charge and a full tank of petrol. This achievement is BYD's latest step in reducing fuel consumption since its hybrids first appeared in 2008.
BYD, based in Shenzhen, has upended China’s market with sweeping price cuts at the expense of profitability, and the pricing of its ultra-long-range hybrids could further intensify the price war. The company sold 3 million cars last year and has delivered nearly 1 million this year through April. One in every two hybrids sold in China is a BYD, underscoring the importance of these vehicles to the company’s revenue and profits. shares in Hong Kong rose as much as 4 percent on Wednesday.
Global automakers are scrambling to address consumer concerns about range and build more environmentally friendly vehicles. On Tuesday, Toyota unveiled prototypes of a new generation of internal combustion engines that can run on hydrogen, gasoline or other fuels, combined with batteries.
During the event, BYD claimed that its plug-in hybrid has achieved a range of up to 2,500 kilometers in testing. For now, the upgrades are intended for cars made in China, but they are likely to be exported soon.
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Both electric and hybrid vehicles are pushing the boundaries of range to address concerns among some consumers who still see the transition away from fossil fuels as a negative. BYD stopped producing exclusively fossil-fueled vehicles in early 2022 and is ramping up exports of hybrid vehicles to emerging markets with limited battery.
The first two vehicles with capabilities to be launched are the Qin L and Seal 06 mid-size sedans, which were unveiled at the Beijing Auto Show in April. These models belong to the Dynasty and Ocean series respectively.
Source: bnnbloomberg
