The car starts at just over US$11,000, lower than bestselling petrol-powered cars like Volkswagen’s Lavida and Toyota’s Corolla

The world’s largest EV maker, BYD has been ramping up efforts to make its mass-market electric cars more affordable for Chinese consumers

BYD, the world’s largest electric-vehicle (EV) maker, has launched a new version of its plug-in hybrid model the Qin Plus DM-i, pricing it lower than bestselling petrol-powered cars like Volkswagen’s Lavida and Toyota’s Corolla.

The company, backed by Warren Buffett’s Berkshire Hathaway, said on Monday that the new variant, known as the Glory Edition, aims to accelerate customers’ conversion from fossil fuel-powered vehicles to EVs amid a slowing economy.

The new version starts at 79,800 yuan (US$11,086), lower than the previous edition by 20,000 yuan or 20 per cent. Its battery-only driving range is 55 kilometres.

“The price will make petrol car assemblers tremble,” BYD said in a statement on the microblogging site Weibo. “The Glory Edition will become a benchmark for the Class-A [compact] car segment.”

The new edition is 15 per cent cheaper than the entry-level Lavida and nearly 40 per cent less than the basic Corolla.