The Shanghai auto show’s biggest crowds surround BYD (002594. SZ) ‘s brilliant yellow hatchback.
BYD’s latest electric vehicle (EV), the “Seagull,” debuted at the exhibition this week, impressing attendees with its low price of 78,000 yuan ($11,300)—half the price of the cheapest new energy vehicles.
“It’s my kind of car, it’s suitable for driving to and from work, and you don’t need to manage anything, just use the battery… it’s also a relatively low cost product,” said Fan Yuhong, 28, an advertising professional who visited the event and was at the booth.
BYD says the car can charge from 30% to 80% in 30 minutes and has two ranges: 305 to 405 kilometers (190 to 252 miles). BYD Blade lithium iron phosphate batteries power it.
Bill Russo, Shanghai-based founder and CEO of strategic advising business Automobility, says the Seagull will be China’s best-selling car within six months of its launch.
“This redefines the market’s price-value proposition,” he said.
Chinese automakers, like BYD, have transformed the world’s largest auto market and are eager to export their low domestic prices.
Russo believes the Seagull’s value proposition will attract foreign buyers.
“Affordability is attractive to everyone anywhere, whether it’s an emerging market, the United States or Europe, this kind of car with this kind of value proposition will sell,” he said.