BYD reveals updated Yuan Plus with over $2,000 lower price

04 March 2024

Let's face it, electric cars can slap you with a price tag that gives you instant sticker shock. But things are starting to change - at least in China - and it looks like BYD may have fired the latest shot in the EV affordability wars. The Chinese New Year celebrations are over, the holiday season has finished and BYD is not wasting a moment. The automaker introduced the updated 2024 Yuan Plus Honor Edition and dropped its price by a cool $2,200. This means savvy shoppers can now snap up this compact SUV for a starting price of just around $16,650.

Known as the Atto 3 in other markets, the Yuan Plus has been a key model for the brand internationally. BYD is bolstering its leadership position even further and it is gunning for traditional gas-powered vehicles, Chinese customers no longer need to look for extra cash to buy an EV - it’s a straightforward choice now. Not only is the Yuan Plus now more affordable, but it also comes with some minor visual and feature upgrades.

The Yuan Plus Honor Edition ditched chrome accents for a sleek, all-black look – including a new “Black Knight” paint option. The interior gets a color update too, swapping a blue and gray motif for a darker, sportier scheme. Tech-wise, you still get the big 15.6-inch touchscreen with voice assistant and the recently updated heat pump system.

Performance stays consistent. There’s a single front-axle mounted motor delivering 150 kW and 229 lb-ft of torque. The Yuan Plus Honor Edition offers a choice of two battery packs: a 49.92 kWh option promising a range of around 267 miles (CLTC) or a larger 60.48 kWh pack pushing that range closer to 317 miles (CLTC).

Instead of simply slashing the price across the board, BYD carefully tailored reductions to each trim level. This means potential buyers now have an even wider range of price points to consider. While the model naming structure lacks imagination, we actually appreciate the “it says on the tin” approach. The entry-level 430KM Leading model starts at a tempting $16,650, while those seeking a longer range and more features can opt for the 510KM Excellent at $20,500. Between those are the 430KM Transcend at $17,600, the 510KM Leading at $18,000, and the 510KM Transcend at $19,420, offering a balance of features and cost.

BYD didn't just make this change for the fun of it. This price drop positions the Yuan Plus Honor Edition squarely against some popular gas-powered rivals like the Honda XR-V. The message is clear - BYD wants a much bigger slice of the traditional car market. This isn't the first time they've done this either - Han and Tang have also recently seen price reductions. Dolphin was updated with a new price and so were the Qin Plus and Chaser electric sedans.

It's still too early to say whether this move will make BYD the budget EV champion, but the competition just got a whole lot more interesting. While US or European buyers won't see the Yuan Plus on their shores anytime soon, it's clear that price wars are starting to brew in the electric car space. And that should be good news for budget-conscious shoppers on the hunt for their first EV. BYD’s ambitious plans to sell 4 million electric cars this year will come at the expense of the legacy automakers and it’s highly unlikely they will sit quietly and let BYD take their lunch - the price wars have officially started.

Via