BYD unveils latest fifth

On Tuesday,Will Forex brokers not give you profits China’s BYD Company unveiled its latest version of plug-in hybrid technology in Xi'an, Shaanxi Province. This technology has made significant advancements in improving fuel efficiency and reducing costs, intensifying competition with gasoline car giants Toyota and Volkswagen.

BYD Chairman Wang Chuanfu introduced the fifth-generation hybrid technology in Xi'an, which boasts a fuel consumption rate of only 2.9 liters per 100 kilometers after the battery is depleted, setting a new low fuel consumption record. Xi'an is home to BYD’s first car manufacturing plant.

Wang Chuanfu stated that with a fully charged battery and a full tank of gasoline, the technology can ensure a driving range of 2,100 kilometers.

Additionally, BYD launched versions of the Qin L and Seal 06 sedans equipped with this new technology, with prices starting at 99,800 yuan (13,775 USD).

The company claims that customers using this new technology can save up to 9,682 yuan annually in fuel costs.

Since 2021, BYD’s previous generation of plug-in hybrid technology allowed for several tens of kilometers of battery-powered driving, with a fuel consumption rate of 3.8 liters per 100 kilometers for the gasoline engine alone. This technology has driven rapid growth for models like the Qin Plus DM-i sedan and Song Plus DM-i SUV.

In the past three years, plug-in hybrid models starting at 79,800 yuan have comprised a significant portion of BYD’s sales, with cumulative sales of 3.6 million units.

In the first quarter of this year, the Chinese company reduced its plug-in hybrid models' prices by 10% to 22%, making the Qin and Song models more popular than gasoline counterparts like the Lavida and Sagitar, thanks to their low prices and fuel efficiency, appealing to cost-conscious Chinese buyers.

Globally, while BYD has accelerated its international expansion, it still lags in sales compared to multi-brand automakers like Toyota, Volkswagen, General Motors, and Stellantis.

Meanwhile, BYD and other Chinese electric vehicle manufacturers pose a greater challenge to Japanese carmakers in overseas markets like Southeast Asia, Australia, and the Middle East, where governments implement fewer trade barriers and tariffs.

On the same day, Toyota also showcased its next-generation engines, stating that these engines are compatible with alternative fuels such as e-fuels and biofuels to reduce carbon emissions, and their design could revolutionize vehicle front-end design.

Unlike the hybrid technology pioneered by Toyota’s Prius in 1997, plug-in hybrid vehicles led by Chinese automakers use larger battery packs, enabling longer distances on electric power.

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