Chinese electric vehicle (EV) titan BYD (002594.SZ) unveiled a revised version of its e2 hatchback on Wednesday, showcasing a reduced initial price as part of the ongoing pricing competition in the world’s second-largest economy for battery-electric cars. The new e2 Honor Edition will be available at an official price range of 89,800 yuan ($12,507) to 96,800 yuan, marking a 13% decrease compared to its predecessor, which was introduced to the market in April 2023. The vehicle is equipped with a 432 kWh blade battery, offering a CLTC pure electric range of up to 405 kilometers.
The e2 Honor Edition is the latest e-series family member, including the BYD Dolphin and Seagull models. According to the manufacturer, it has been designed to provide families with a stylish and efficient green mobility experience. It will come standard with a DiLink intelligent network system, innovative voice interaction technology, an 8.8-inch instrument panel, Blade battery, heat pump air conditioning, and a mobile NFC car key, among other amenities. A more striking trim featuring a more prominent rotating display is also available at an extra cost.
The company has been making waves in the global EV market since its launch in 2003 with the F3DM, China’s first mass-produced plug-in hybrid car. Its affordable design and impressive range helped it quickly gain popularity in the Chinese market and marked the beginning of the company’s transition towards all-electric vehicles.
In 2010, BYD expanded its presence in the international EV market with its e6 model. This model was specifically designed for ride-hailing services and became an acclaimed taxi car in many cities across the globe. Its all-electric powertrain and spacious interior made it a popular choice for drivers looking for an eco-friendly alternative to traditional gasoline cars.
However, the company has faced several challenges in recent years that have threatened to tarnish its reputation as a leading green tech firm. In 2016, a suicide note by a local dealership owner in Nanjing sparked an investigation into the firm’s fraudulent receipt of government subsidies, which resulted in the Finance Ministry fining BYD over CNY=2 million for 600 buses that it never produced.
The company also struggled to open its refueling stations in the country and has seen its shares slump more than 70% in the past year. It has since worked to improve its image in the market, including setting up a fund to help finance projects promoting the EV industry’s development. It is also investing heavily in developing new production lines that will be able to produce more models at a faster pace and lower cost. This should allow the company to reach its goal of having a 35% share of the domestic EV market by 2030. It is currently the world’s top-selling electric car maker and its vehicles are sold in over 50 countries and regions worldwide. The company is listed on the Shenzhen Stock Exchange and the Hong Kong and Shanghai stock markets.