At $US15,000, BYD’s new Qin EV is already being touted as a “Corolla killer”, as the world’s second largest EV maker continues to disrupt the global auto market.
Launched earlier this week in China, the all-electric Qin Plus has five variants priced between 109,800 RMB to ($A23,300) to 139,800 RMB ($A29,700).
The Qin Plus comes with a 100 kW motor and the option of either a 48 kWh battery providing 420 km CLTC range or a 57.6 kW hour battery with 510 km range.
Mobility consultant James Carter wrote on LinkedIn the new offering is the $15,000 car that incumbent OEMs (car makers) hoped would never come.
“The new BYD Qin Plus EV Honor Edition is the car that makes EVs way cheaper than ICE vehicles and blows open the mainstream market,” he wrote.
Indeed, most legacy car makers, at least those that are bothering to make EVs at scale at all, are still focused on the top end of the market, selling premium and heavy and high cost EVs, largely to protect their ICE business. In the US, the major car makers are retreating rapidly on their EV plans.
BYD, which is challenging Tesla as the biggest EV maker in the world, says it’s “officially opening a new era where electricity is lower than oil.”
Carter says it is a potential game changer.
“Today, most buyers want a good, solid reliable car that has some nice features and doesn’t cost too much,” he wrote.
“For the past 50 years, this has meant Toyota Motor Corporation Corolla, and it’s for that reason it has been the world’s top selling vehicle for decades.”
“However, if there’s a vehicle that costs even less to buy, and far less to run, while retaining solid and reliable qualities, it will be a huge hit.”
“Enter the BYD Qin Plus.”
Carter says the BYD Qin is designed to do to the Corolla what the Corolla did to General Motors and Ford Motor Company products 40 years ago.
“In other words, the Innovators Dilemma: The disruptor being disrupted.” says Carter.
The low cost BYD sedan will likely pave the way for a low cost SUV which will surely be a huge hit if/when its released in Australia.
“Incumbent OEMs: Your nightmare begins today,” Carter writes.
Daniel Bleakley is a clean technology researcher and advocate with a background in engineering and business. He has a strong interest in electric vehicles, renewable energy, manufacturing and public policy.