Rest of World: BYD will lead Tesla in ten markets by October 2024 with its low-priced models

Recently, Rest of World reported that BYD has gained an advantage in non-Western markets where Tesla has a relatively weak presence by virtue of its "price war". Rest of World selected 10 markets where both parties have official sales channels, including Mexico, Chile, the United Arab Emirates, mainland China, Hong Kong, South Korea, Japan, Thailand, Malaysia and Singapore, for comparative analysis. The results showed that BYD's entry-level models (Seagull, Dolphin or Yuan PLUS) are significantly cheaper than Tesla Model 3.

BYD vs. Tesla's cheapest models

George Whitcomb, an analyst at electric vehicle intelligence firm Rho Motion, said the Tesla Model 3 is more "premium" than BYD's cheapest product. For years, Tesla has promised but failed to build a low-cost entry-level electric vehicle. In an October 2024 earnings call, Musk said the company was on track to launch an affordable model in the first half of 2025. At the same time, buyers around the world looking for affordable electric vehicles have turned to Chinese manufacturers such as BYD.

BYD is reportedly seeking to improve its competitiveness in China by asking suppliers to lower prices , while it also hopes to build more factories outside its home country. Doing so would reduce export costs and could lower BYD's global prices. "Low-cost competition is a big thing in the Chinese electric vehicle market," Whitcomb said. "Then, as BYD expands globally, producing cars at a low cost can have a ripple effect. "